Travel tech startup Teleport bags $500K in pre-seed round

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August 17, 2023

Travel tech startup Teleport has raised $500,000 in a pre-seed round from investors, including entrepreneurs Kunal Shah, Vidit Aatrey, Kishore Ganji, Appreciate Capital, Superb Capital, 888vc, and FAAD Network.

The Bengaluru-based startup received a $100,000 grant from the PeakXV (Sequoia) Spark program in January of this year. According to a press release from the company, the funding will be vital in advancing Teleport’s mission to ensure hassle-free travel visas and transform how people experience cross-border travel.

Teleport, a company launched in 2022 by Nikita Dresswala, aims to make obtaining travel visas simple and fast by streamlining documentation requirements, providing accurate information, and offering a user-friendly platform to apply.

Over 100 travel agencies and travel businesses reportedly trust the company to help with their business’s visa processing. More than 40 countries can get tourist visas through the platform, which aims to process 100,000 visas by the end of 2023.

The second cohort of the Spark fellowship program, which includes 12 female founders from all over India and Southeast Asia, was announced by Peak XV in January. It focuses on industries and segments like climate tech, healthtech, SaaS, B2B, web3, consumer internet, and D2C.

“Travel visas have always been stressful and time consuming for international travellers. At Teleport, we are on a mission to simplify the process and make it anxiety free using technology. We are super grateful to have a bunch of incredibly supportive investors and mentors onboard at Teleport, guiding us on our goal to make travel borderless,” said Nikita Dresswala, founder, Teleport.

“For many Indians, the excitement of traveling abroad often gets overshadowed by tedious visa formalities. It’s clear that amidst these bureaucratic challenges, there lies a significant opportunity to craft a service grounded in trust and understanding for Indian travellers. Nikita is a sharp operator, and justthe person to lead this change. We are glad to have recognized her potential early on and are backing her and Teleport wholeheartedly,” said Abhishek Agarwal, partner, Appreciate Capital.

Mobile makers to hire 60,000 in 6 to 12 months: Staffing companies

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August 17, 2023

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According to estimates made by staffing companies based on hiring demand, about 60,000 direct jobs in the manufacturing of mobile phones are likely to be created in India in the upcoming 6 to 12 months to meet the workforce needs of top device makers as the country grows to be the second-largest producer of handsets in the world.

Teamlease Services currently has more than 5,000 open positions in mobile manufacturing, with more in the pipeline, said Kartik Narayan, chief executive – staffing. According to CEO Aditya Narayan Mishra, Ciel HR Services has about 2,000 open positions, and demand is expected to increase.

Additionally, as leading mobile brands and their component manufacturing and assembly partners, who already have or are looking to set up some form of manufacturing in India, ramp up hiring, an additional 80,000–100,000 indirect jobs will likely be created for the next 12–24 months.

According to the staffing companies, contract manufacturers for Apple, like Foxconn, Wistron, and Pegatron, and other companies with large manufacturing facilities, like Dixon Technologies and Tata Electronics, may increase their workforce.

“We are expecting 40,000-60,000 direct jobs in phone manufacturing pan India by March 2024,” said Narayan of Teamlease. “India has over 200 mobile manufacturing units. “It is the second largest mobile manufacturer in volume terms … This is leading to a huge demand for manpower.”

The Delhi-National Capital Region, Karnataka, and Tamil Nadu account for most new hires. Industry estimates predict India will produce between 270 and 300 million smartphones this year, driven by the government’s initiative to make India a manufacturing hub and a global movement to manufacture outside China.

Award-Winning actor and Climate Warrior Bhumi Pednekar announced as the Brand Ambassador and investor for EcoSoul Home to drive eco-friendly living and sustainability

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August 16, 2023

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Award-Winning actor and Climate Warrior Bhumi Pednekar announced as the Brand Ambassador and Investor for EcoSoul Home to Drive Eco-Friendly Living and Sustainability — (L-R) Rahul Singh, Co-Founder of EcoSoul Home Inc.; Bhumi Pednekar, Brand Ambassador for EcoSoul Home Inc.; Priyanka Aeron, India Managing Director and Head of Global HR & Tech at EcoSoul Home Inc.

With Bhumi Pednekar as an ambassador, Ecosoul believes she truly exemplifies our values and mission of promoting a planet-friendly lifestyle.

Delhi, 14th August – EcoSoul Home Inc., a leading eco-friendly products company, proudly announces the enlistment of acclaimed actor and environmental advocate Bhumi Pednekar as their esteemed brand ambassador. In line with EcoSoul Home’s unwavering commitment to fostering a sustainable lifestyle and championing eco-friendly alternatives crafted from renewable resources, this collaboration marks a significant milestone in driving environmental awareness and conscious consumer choices.

Bhumi is a widely respected figure in the climate action community, recognized for her unwavering dedication to environmental causes and her efforts in promoting sustainable lifestyle choices. By joining forces with EcoSoul, she will advocate for conscious consumption and the importance of choosing environmentally friendly alternatives to single-use plastics.

Rahul Singh, Co-Founder of EcoSoul Home Inc., expressed his delight, stating, “We are honoured to embark on this transformative journey with Bhumi Pednekar joining us as our brand ambassador. As a passionate advocate for environmental sustainability and the United Nations Development Programme’s National Advocate for Sustainable Development Goals (SDGs), Bhumi’s unwavering dedication to driving positive change aligns seamlessly with our mission at EcoSoul Home. Her influential voice and active engagement on social media, where she raises awareness on crucial issues like climate change, sustainability, SDGs, and plastic pollution, will undoubtedly inspire individuals worldwide to embrace eco-friendly alternatives and take meaningful actions for our planet.

With Bhumi’s support, we are poised to accelerate the global adoption of sustainable products and forge a powerful movement toward a greener, healthier, and more sustainable future, leaving a legacy for future generations.

Bhumi Pednekar, known for her remarkable dedication to sustainable living, stated, “I am honoured to partner with EcoSoul Home as their brand ambassador. Together, we can empower individuals to make mindful decisions that contribute to a healthier planet. By promoting products by Ecosoul, we hope to influence a shift in consumer behaviour and encourage businesses to adopt sustainable alternatives. EcoSoul Home’s range of eco-friendly and compostable products align perfectly with my values, and I am excited to be a part of this meaningful journey.”

With EcoSoul Home’s diverse range of eco-friendly offerings is already making waves in countries like the USA, Canada, UK, Germany, UAE, India, China, and Vietnam. Association with Bhumi Pednekar is set to amplify the message of sustainability on a global scale.

BHIVE to raise Rs 400 crore coworking-focused AIF CAT-2 fund

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August 16, 2023

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Bengaluru-based coworking firm BHIVE plans to raise Rs 400 crore coworking-focused CAT-2 alternative investment fund (AIF) to fuel its growth.

The proposed new fund will acquire fully completed commercial real estate properties in prime locations with clear titles, occupancy certificates, and a capex of a set. BHIVE has solidified its position as Bengaluru’s largest coworking provider over the past year by closing deals worth more than Rs 200 crore.

“There has been exponential growth in the number of AIFs in India. Unlike a decade ago, when offshore investors were funding India’s AIFs, the expanding pool of domestic investors is helping them grow today. We see a tremendous opportunity in this segment and will go aggressive with our plans as we embark on the next growth phase of the organisation,” said Sheshagiri Rao Paplikar, Founder & CEO of the BHIVE.

The company has also said it will wind up its current AIF fund, which Sandeep Gupta managed. With the move, Gupta has decided to look for new opportunities outside BHIVE. Even though he is departing, BHIVE highlights that there won’t be any changes to its investment strategy or impact on its current portfolio because the current AIF has not yet been operational.

“Change is inherent in the investment landscape. Our team, fortified by expertise and dedication, is committed to delivering optimum results and upholding our investors’ trust in us,” said Paplikar.

High Net Worth Individuals (HNIs) and family-owned businesses seeking to invest a minimum of Rs 1 crore in commercial real estate will have a unique opportunity through the new fund.

In Bangalore, BHIVE Workspace has been actively growing its presence and keeping an eye on new business opportunities in other premier commercial markets. It manages 25 flexible office buildings with 1.5 million sq ft in Bangalore.

Fintech startup Vegapay secures $1.1mn in pre-seed funding

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August 16, 2023

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The digital lending and card management platform, Vegapay raised $1.1M in pre-seed funding.

Eximius Ventures led the round, which also included DSP HMK, Capri Global, Upsparks Capital, MGA Ventures, Climber Capital, Arun Venkatachalam (Murugappa Group), Pratekk Agarwaal (General Partner @ GrowthCap Ventures), and angel investors.

The company plans to use the funds to develop its technology further so that institutions and non-institutions can adopt it more easily on the front lines.

Vegapay is developing a tech stack and card management system that will allow regulated entities and fintechs to issue and further increase card and lending penetration in India. It was co-founded in October 2022 by Gaurav Mittal (Ex-Zeta), Himanshu Agrawal (Ex-Amazon), Puneet Sharma (Ex-BharatPe), and Abhinav Garg (Ex-Podeum).

The company wants to build a micro service-driven stack for card and lending issuance that will allow issuers to integrate and issue lending products that meet different consumer cohorts’ needs.

“Banks and fintech players take months to launch new financial products like credit cards and lending offerings. However, we can help them reduce the time taken to bring products to the market by 90%. This would enable our partners to launch their products in just one week,” said Gaurav Mittal, Co-founder and CEO of Vegapay.

“Our mission is to assist our partners in achieving the $1.5 trillion AUM by providing customised digital lending solutions at an unprecedented speed,” added Mittal.

Ford taps former Apple executive Peter Stern to build high-margin digital services

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August 14, 2023

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Ford Motor on Monday named former Apple executive Peter Stern as the president of its newly formed Ford Integrated Services unit to help build new high-margin digital and subscription services.

Stern, who previously oversaw Apple TV+, iCloud, and Apple News+, will report to Jim Farley, the CEO of Ford. In his new position, Stern will focus on integrating hardware, software, and services across the company’s Ford Blue, Model e, and Ford Pro units.

Like other US automakers, Ford wants to go beyond its established wholesale-to-dealer business model and create recurring income from services related to its automobiles, much like Apple has done with its hardware products.

Doug Field, the chief advanced product development and technology officer at Ford, and Stern are both former employees of Apple. In May, rival General Motors hired a former Apple executive Michael Abbott to lead its software business.

The arrival of Ford’s next-generation electric vehicles in 2025 will pave the way for the development of new services for both retail and commercial purposes, according to Farley, who stated this in a media briefing on Monday.

“We’re not going to limit it to EVs — we’re going to put it on the F-150,” Ford’s best-selling pickup truck, Farley, said.

Ford currently has over 550,000 paid subscribers for software and services, with the Ford Pro commercial unit accounting for over 80% of those customers.

Farley claimed the company was bringing in “hundreds of millions of dollars,” with “enormous margins” of 50% and more.

According to Stern, Ford intends to develop “bundles of services” that deliver “safer, more convenient, and more productive experiences.”

“The basis for differentiation is shifting from the vehicles alone to the integration of hardware, software and services,” Stern said.

iCloud and Apple Music were among the services offered by Apple when Stern started working there in 2016.

“When I left, (Apple) had over a billion customers subscriptions,” he said.

WelcomHeritage opens its second hotel in Srinagar

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August 14, 2023

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WelcomHeritage announced the opening of its second hotel in Srinagar – WelcomHeritage Grand in June 2023. Since its beginning, the hotel has thrived, offering visitors a unique and authentic cultural experience that seamlessly combines traditional Kashmiri charm with modern comfort.

The WelcomHeritage Grand Srinagar, in the heart of the beautiful city of Srinagar, offers a tranquil setting for visitors to experience the region’s rich cultural heritage fully. The hotel’s traditional patterns, earthy colors, and welcoming atmosphere highlight Kashmir’s evolving essence.

Abinash Manghani, the CEO of WelcomHeritage, shares his enthusiasm for the recently unveiled property, stating, “WelcomHeritage Grand Srinagar impeccably embodies the vibrant spirit of Kashmiri culture, providing guests with a serene sanctuary to immerse themselves in the region’s profound heritage. We are thrilled to offer a distinctive hospitality experience in this breathtaking locale.”

The hotel offers rooms in three categories: Standard, Super Deluxe, and Suite. All of the rooms are spacious and well-appointed. Each category provides elegantly furnished rooms with natural light, modern amenities, and cultural charm for a relaxing stay.

There are two exceptional dining venues at WelcomHeritage Grand Srinagar as well. In the Samavar restaurant, guests can experience a memorable culinary journey through the fusion of international flavors and local delights. The dining experience is enhanced by the restaurant’s exquisitely decorated interior, which includes outdoor seating options. In a warm and welcoming setting, the Kahwa Lounge serves up traditional Kashmiri snacks and beverages.

WelcomHeritage Grand Srinagar provides a variety of excursions to explore the captivating surroundings in addition to its excellent accommodation and dining choices. Guests can visit popular destinations like Sonmarg’s golden peaks, Dal Lake, the Gulmarg Gondola, the Indira Gandhi Memorial Tulip Garden, and the Mughal Gardens and Jama Masjid to learn more about the history and culture of the region.

WelcomHeritage Grand Srinagar is the second property of the WelcomHeritage brand in Srinagar, complementing the success of WelcomHeritage Gurkha houseboats. CEO Abinash Manghani highlights, “With WelcomHeritage Grand Srinagar and WelcomHeritage Gurkha houseboats, guests can now enjoy two distinct experiences that reflect the essence of Kashmiri culture. It is our pleasure to offer these choices and ensure unforgettable memories for our guests.”

Logistics firm Xpressbees acquires Trackon in all-cash deal

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August 14, 2023

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Ecommerce-focused logistics firm Xpressbees has acquired New Delhi-based courier firm Trackon in an all-cash transaction.

According to Xpressbees CEO Amitava Saha, he will expand Trackon across the country by leveraging the network already in place at his logistics company.

With roughly 5,000 pin codes served, Trackon has primarily served the country’s northern and western regions. Xpressbees is present in around 15,000 pin codes.

“We will expand Trackon using our network and also look at cross-selling our existing services through the franchise network of Trackon,” Saha said.

There will be no change to the company’s brand identity as part of the acquisition, and Prabhat Kumar Anand, the company’s founder and CMD, will continue to lead it for at least the next two years.

The cofounders of Trackon, Pramod Kumar Singh, Dinesh Rautela, and Yoginder Kumar Dabas, have resigned and are moving as part of the agreement.

“Trackon is a Rs 350-crore revenue firm and with our scale and reach the combined strengths will help improve the bottom line of our firm as well,” Saha said, adding there will be technology-led improvements for Trackon going forward.

He added that Xpressbees plans to expand Trackon’s presence in smaller towns and cities in eastern India.

The acquisition is being funded from its existing cash balance, Saha said.

Lincoln International acquires Mumbai-based valuations firm

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August 11, 2023

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Lincoln International, a global investment banking advisory firm, has acquired EthiQuant Analytics, a valuations services provider, enhancing the firm’s ability to offer a well-rounded financial solution to its clients.

“The acquisition significantly expands Lincoln’s product offering in the country,” a joint release from the companies said.

In the Americas, Asia, and Europe, Lincoln’s valuation services vertical now employs about 150 professionals. The deal’s terms were not disclosed.

Varun Gupta, the founder of EthiQuant, will join Lincoln as a managing director in the firm’s Mumbai office, along with his 25-member team.

“India is an incredibly important market for Lincoln,” said Rob Brown, chief executive officer of Lincoln International. “In addition to being a fast-growing, highly active locale for both domestic and international M&A, it is increasingly becoming the epicenter for business and dealmaking for Asia at large, especially as conditions for cross-border collaboration in China become more challenged. The addition of Varun and the team meets numerous strategic criteria for us, including enhancing our presence in key geography, incremental opportunities to deliver additional services and expertise to clients, strong cultural alignment, and a shared commitment to success.”

Lincoln now has offices in Mumbai and Bengaluru in India. In sectors like consumer goods, healthcare, industrials, technology, media, and telecommunications, it offers mergers and acquisitions (M&A) and capital advisory services to public companies, private owners, private equity firms, and global asset managers.

“We are thrilled to welcome and integrate everyone from EthiQuant to Lincoln and into our global team. Clients will benefit from the additional expertise, experience, and access afforded by professionals who can provide coverage across all major time zones, and our valuations team is immediately complemented by the strong accounting, finance, business backgrounds from EthiQuant,” said Ron Kahn, managing director and co-head of Lincoln’s valuations and opinions group.

“Varun’s professional experience and reputation will be additive to our platform in India and yield even richer conversations with clients who are thinking about a variety of corporate finance and growth objectives,” stated Gaurav Marathe, Managing Director and Head of Lincoln India. “We are looking forward to introducing this new service as part of a complementary suite of solutions for clients.”

Globant to invest $1 Billion on AI expansion in Latin America

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August 11, 2023

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Globant SA, a software company, has stated that it plans to invest $1 billion in expanding its artificial intelligence (AI) business operations in Latin America. The company wants to double its workforce over the next five to six years, potentially hiring 20,000 employees in the region. The company’s revenues will be used to fund the expansion, which will be centered around a new AI and quantum computing hub in Sao Paulo.

Martin Migoya, the CEO of Globant, stated that the company’s objective is to increase its leadership in Latin America across the technology and R&D sectors. Globant is working to enhance its AI-based software development products and growing its workforce to deliver higher-quality data.

Before expanding into other sports, the company plans to incorporate AI into its existing partnerships with sports franchises, such as the Los Angeles Clippers basketball team and Spain’s LaLiga soccer league. Globant aims to offer “fan engagement solutions” via technology, such as ordering food and beverages at stadiums or finding parking spaces before games.

Although shares of the Argentine company Globant have remained largely flat this year, investors looking for Argentine companies that stand to gain from market-friendly policies following the country’s elections in October are becoming more interested in them. However, the country’s economic problems have caused a brain drain, with skilled workers migrating to the US and Europe for higher-paying jobs. Migoya highlighted the need for a stable system with clear game rules to keep top talent in Argentina.

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