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HealthMug partners with SIRONA to revolutionize access to feminine hygiene products, aiming to contribute 7-8% of total GMV in the category

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New Delhi, 19th July, 2023 – HealthMug, a prominent health e-commerce startup, is thrilled to announce its strategic alliance with SIRONA, a well-established brand specializing in feminine hygiene products. This association aims to enhance the accessibility of top-notch feminine care items for women across India. By joining hands, HealthMug and SIRONA aim to address critical concerns on feminine hygiene while empowering women to prioritize their overall well-being.

Through this collaboration, HealthMug broadens its marketplace by incorporating SIRONA’s diverse array of innovative and dependable feminine hygiene products. Partnering with SIRONA has further substantiated HealthMug’s presence in the market segment focused on female care products. By establishing connections with this esteemed brand, HealthMug is poised to garner greater attention from a larger audience and extend its influence.

Mohit Agarwal, Co-Founder of HealthMug.com., stated, “The collaboration with SIRONA has allowed our marketplace to gain wider market visibility in feminine care products. By aligning ourselves with their esteemed brand, we will capture a broader audience’s attention and expand our reach. This will increase exposure and will lead to a surge in new customer acquisitions and heightened interest from potential partners and investors.”

Moreover, HealthMug seeks to take advantage of the potential represented by the Indian feminine hygiene market, valued at INR 25.02 billion in 2018. This market is projected to grow at a compound annual growth rate (CAGR) of 14.92% between 2019 and 2024, reaching INR 58.62 billion. By concentrating on this specific category, HealthMug aims for SIRONA to account for approximately 7-8% of the total Gross Merchandise Value (GMV) within the feminine hygiene section on their platform.

SIRONA, known for its commitment to excellence in feminine hygiene, is pleased that its products are now available on the HealthMug platform. Anika Wadhera, Head of Marketing at SIRONA, stated, “We are glad that SIRONA products are available for sale on the HealthMug platform. HealthMug helps SIRONA reach out to the right audience and empowers them to prioritize their well-being with our innovative feminine hygiene products. We hope to scale this category on HealthMug in the coming months.”

Recognizing the considerable obstacles that women face in terms of feminine hygiene, whether they live in rural or urban areas, HealthMug has teamed up with industry leaders like SIRONA to tackle these issues head-on. What sets SIRONA apart from other brands is its exceptional product quality, which makes it an ideal collaborator for HealthMug’s mission to provide accessible and dependable feminine care products.

HealthMug and SIRONA are excited about the possibilities that this partnership brings. Together, they strive to empower women, improve feminine hygiene practices, and make high-quality products accessible.

About Healthmug:

Healthmug is a leading e-commerce platform specializing in Ayurvedic, Homeopathy, and Unani medicines. With a vast selection of over 2 lakh products in the Health, Nutrition, Beauty, and Personal Care categories, Healthmug offers rare and genuine products at reasonable prices. The platform also provides free doctor consultations, ensuring customers receive the best guidance for their healthcare needs.

Website:- https://www.healthmug.com/  

About SIRONA:

Founded in 2014, SIRONA Hygiene is a fem-tech company that sells feminine products. The brand is committed to solving those intimate and menstrual hygiene issues for women not adequately addressed in the country.

Website:- https://www.thesirona.com/

D2C footwear brand Solethreads raises $3.7mn in Series A funding

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Direct-to-consumer (D2C) footwear startup Solethreads has raised $3.7 million in Series A funding led by Fireside Ventures. Along with the angel investors Nihir and Dhaval Nalin Parikh, the round had participation from new and existing investors, including DSG Consumer Partners and Saama Capital.

It is currently available in more than 600 MBOs through distributors in the top 30 cities in India, as well as large retail formats like Shoppers Stop, Reliance Retail, Metro Shoes, etc., as well as its website and on e-commerce platforms like Myntra, Ajio, Flipkart, and Amazon.

The funding will be used for category and geographical footprint expansion as it aims to be present in more than 1,000 multi-brand outlets by the end of the financial year and be among the top 3 casual footwear brands in the semi-premium category on e-commerce marketplaces, the company said in a release.

“The footwear industry has been dominated by global brands, and we aim to be the brand built in India for the world. Our first outlet in Mumbai is using technology to make it India’s first Phygital Casual footwear store, thereby disrupting the industry,” said co-founder and CEO Sumant Kakaria.

Additionally, it will strengthen its launch pipeline, explore new categories, and enhance its design innovation lab and R&D centre with the money.

“We look for brands that understand the consumers they are serving and create products that solve their unmet needs. Footwear is an enormous, albeit highly competitive category, and we believe the company is positioned to capture the untapped opportunity in the casual footwear segment,” said Vinay Singh, co-founder of Fireside Ventures.

According to the company, there is a high demand for fashionable, premium footwear from around the world at reasonable prices in India, the second-largest market for the shoe industry after China. Indian consumers are also conscious of value additions and the brands they choose. The non-leather footwear industry in India is projected to grow eight-fold by 2030 and is expected to surpass the $6 billion mark by 2024, and Solethreads, a homegrown design-led brand, is ready to keep pace.

“We have also taken a new age approach by digitising the offline business by enabling a B2B app for distributors, which enables us to have better demand planning. This initiative is designed to totally disrupt this space”, added Gaurav Chopra, co-founder of Solethreads.

EPAM helps its customers engineer the future with Microsoft Enterprise Skilling Initiative

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EPAM Systems (EPAM), a long-standing Microsoft customer and partner, helps its clients engineer the future using Microsoft cloud solutions. The company fosters employee cloud competencies through participation in the Enterprise Skilling Initiative (ESI), for which it has received numerous awards for its strong learning culture. 

The programme, accessible in several formats, has already provided over 2,500 engineers with 5,500 Microsoft Cloud certifications. With the right skills, EPAM employees can feel empowered and better meet the clients’ growing digital needs.

By providing mentoring programmes, unlimited upskilling opportunities, and product engineering opportunities, EPAM, a leading provider of digital transformation services and products, invests in its people and award-winning learning culture. 

“Our client works with us because we deliver results,” starts Dmitry Tikhomirov, Vice President, Head of Cloud Technology and Delivery, EMEA & APAC at EPAM. “And we are able to do that because we invest in our people — from technology and platforms to learning and education.”

EPAM’s business strategy strongly emphasizes learning, allowing employees to grow and stay engaged. 

“We work to understand the business objectives of each department and map corporate learning solutions to those objectives,” reveals Irina Kureichyk, Director of Learning & Development at EPAM. “This way, we can offer our clients the most up-to-date, high-quality skills and services.”

EPAM decided to participate in Microsoft ESI, which offers practical, interactive training and certification in Microsoft Cloud technologies for Microsoft customers after recognizing the demand for experts in advanced digital and cloud technologies.

EPAM’s certification journey with ESI started in 2019 when the first 250 engineers signed up for training across Microsoft Cloud technologies (Azure, Security, Power Platform). Initially, on-site certification events and in-class experiences were planned; however, the pandemic compelled a quick switch to online learning. However, there was no interruption during the transition.

“We had a learning platform where we built a learning path, integrating courses from Microsoft,” explains Kureichyk. 

“By combining our strengths with Microsoft, we can help our clients achieve their digital transformation goals, increase their technological agility and deliver game-changing digital experiences to their customers,” said Dmitry Tikhomirov: VP, Head of Cloud Technology and Delivery, EMEA & APAC, EPAM System.

All certification paths are role-based but open to anyone meeting the course requirements. “We offer all learning formats provided by Microsoft, from self-paced courses and virtual classes to expert advice provided by colleagues. That flexibility makes learning easier to accommodate for our employees and keeps them motivated,” continues Kureichyk. To distinguish and engage learners, EPAM also uses gamification and badges.

Resilience comes from EPAM’s commitment to skill development. “In spite of global challenges, we continued to make skilling initiatives our top priority,” recalls Kureichyk.

The region’s most significant Microsoft certification initiative, over 2,500 engineers from 14 countries in Central and Eastern Europe have obtained over 5,500 certificates. This achievement shows EPAM’s outstanding cloud expertise. Certificates offer its employees a chance to move forward or refocus on their careers. 

“We’ve seen people move from engineering or development roles into UX roles or change their career path from testing to software development,” says Kureichyk. “This allows us to retain valuable talent.”

EPAMers are eager to develop their skills to meet the evolving market demands so employers do not just fuel the drive for continuous learning. Along with Microsoft Training Days and other joint learning initiatives, the company participates in the Enterprise Skilling programme and the Cloud Skills Challenge.

“The technology landscape is changing every three to four years, so we need to keep our skills current continuously,” comments Tikhomirov. “Through our combined efforts with Microsoft, we can help our clients on multiple fronts, from achieving digital transformation goals and increasing agility to delivering innovative solutions,” he says. “Equipped with cloud competencies, our engineers can continue to support our clients in navigating market shifts and disruption, providing them with strategic resiliency and the innovation to thrive.”

RenewBuy secures $40mn in Series D round from Dai-ichi Life Holdings

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Gurugram-based insurtech startup RenewBuy has raised $40 million in a Series D round from Japanese insurance major, Dai-ichi Life Holdings Inc. This round is a part of the company’s ongoing Series D fundraise, which has attracted interest from several prominent investors and is expected to close soon.

“RenewBuy, in seven years, has digitally empowered advisors to offer insurance seamlessly, and 70% of our business comes from beyond the 30th city,” said Balachander Sekhar, CEO, RenewBuy.

“Most insurance companies continue to focus on the top 30 cities only–and unable to expand due to high fixed costs. Using technology, RenewBuy has brought massive efficiency in the sales process; we want to leverage this to deliver better pricing to consumers. With low penetration levels currently, we will see exponential growth for RenewBuy in the next two decades,” he added. 

“With Dai-ichi coming on board, we have found an ideal partner who shares our long-term vision. It provides us with an incredible growth opportunity, not only in India but across Asian markets, by leveraging our technology,” he said.

The company, founded in 2015 by Balachander Sekhar and Indraneel Chatterjee, has more than one lakh insurance advisors and has insured over 5 million customers in 800 cities, towns, and districts.

Hitoshi Yamaguchi, Representative Director, Managing Executive Officer of Dai-ichi Life Holdings, Inc., said, “RenewBuy is a great example of a disruptor that leveraged social trends and technology effectively to reach a market that was once thought to be unreachable. Their strong management team and disruptive technology have taught us to adopt a proactive mindset to disrupt our own traditional ways of doing things.” 

“This mindset of constant disruption is what we want to drive further into our Group, and we believe that through the partnership with RenewBuy, we can accelerate the sophistication and innovation of our group business, including our life insurance business in India,” he added.

Factors.ai bags $3.6mn in funding led by Stellaris Venture Partners 

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Factors.ai, an analytics software provider to business-to-business (B2B) marketing teams, said it had raised $3.6 million in funding led by Stellaris Venture Partners. 

Elevation Capital and Emergent Ventures participated as returning investors in this pre-Series A funding round. In August 2021, the two jointly led a $2 million seed funding round. 

According to a company statement, angel investors included Vetri Vellore, the founder of Ally.io, which Microsoft acquired, Sreedhar Peddineni, the co-founder and CEO of GTM Buddy, and Khadim Batti, the co-founder and CEO of Whatfix.

The startup, which was founded in 2020 by Srikrishna Swaminathan, Aravind Murthy, and Praveen Das, plans to use the funding to expand its go-to-market teams, such as sales, marketing, and customer success, while also strengthening its product and engineering divisions, according to a statement.

“With our industry-leading solutions, we are poised to make a profound impact by facilitating efficient pipeline growth, bridging the gap between sales and marketing, and delivering value to our customers. We also plan to achieve profitability and expand our customer base,” said Swaminathan, co-founder and CEO of Factors.ai.

Factors.ai features include account intelligence, analytics for specific accounts, the overall sales funnel, and revenue attribution. It uses data to help sales teams focus on the right accounts to maximize pipeline generation.  

Marketing teams can evaluate the impact of each campaign, content piece, or touchpoint of the clients with the help of revenue attribution capabilities. Its over 100 clientele — Courier.com, Chargbee, Clevertap, Plivo, and Traceable — is spread across the United States and India.

Open-source developers platform ToolJet raises funding from Microsoft’s M12 Fund, GitHub 

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ToolJet, an open-source platform for low-code developers, has raised funding from GitHub and M12, Microsoft’s venture arm, the company announced on Monday. The amount of investment has not been disclosed.  

ToolJet was launched in 2021, and since then, it has raised $6.1 million from investors, including Nexus Venture Partners, Ratio Ventures, Better Capital, January Capital, and angel groups.   

According to a statement from the company, ToolJet will use the funds to expand its workforce and improve the platform’s artificial intelligence (AI) capabilities.

Navaneeth Padanna Kalathil is the founder and chief executive officer of ToolJet. Kalathil had previously co-founded MobioPush, which was acqui-hired by Freshworks in 2015.

“Impressed by Navaneeth and the Tooljet team and their approach to low-code enterprise app building via the engagement of the open source community, we believe that low-code development is a key way for businesses to accelerate their innovation and are committed to supporting ToolJet in their mission,” said Priyanka Mitra, partner at M12 and cofounder of the M12 GitHub Fund.

On GitHub, ToolJet has about 20,000 stars and 350 contributors, and it is popular among developers and teams across Fortune 500 companies, scaleups, and startups worldwide.  

The platform allows users to control their data even without internet connectivity with its secure on-premise installation feature. JavaScript-based plugins for customization and extensibility are integrated into its open-source technology.

Fashion brand Styched buys Shark Tank India 2 fame D2C brand Flatheads

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Singapore-headquartered direct-to-customer (D2C) fashion and lifestyle brand Styched acquired the sneaker brand Flatheads featured in Shark Tank India Season 2. The mixed cash and equity deal will assist Flatheads with the cash payout to fund inventory, pay off vendor debts, and meet other financial commitments.  

“We have been following Flatheads for quite some time, and I have personally interacted with Ganesh earlier. The acquisition opportunity came to us through a common investor, and we felt it would be a perfect deal for us, considering we wanted to launch sneakers in a big way within Styched as well. The technical know-how of Flatheads would really help us create a wide range of affordable sneakers collection. So, while Styched will continue to play in the sub-1000 INR segment, the semi premium segment would have Flatheads as the flagship brand,” said Soumajit Bhowmik, CEO, Styched.

With the acquisition of Flatheads, the company announced in a statement that it would expand into the footwear sector. By utilizing its production know-how, Styched plans to integrate its production-on-demand technology into the footwear market, allowing Flatheads to expand its existing collection.

“The Flatheads-Styched deal gives new wings to our idea of creating unique footwear for the young Indian. Styched has changed the operating model of creating and delivering fashion, and I’m very excited to see Flatheads taking the next leap together. Young Indians are just starting to flaunt their sneakers as a new fashion and lifestyle statement. The market is evolving, and it will be a unique journey for the category, different from other parts of the world. It will be fulfilling to see Flatheads being an integral part of the market creation and growth,” said Ganesh Balakrishnan, co-founder, Flatheads.

According to the statement, this acquisition supports Styched’s commitment to offering fashion-forward choices for the youth market, growing its product line, and embracing innovation in the rapidly changing fashion industry. Additionally, it stated that Flatheads would keep selling its current line of products despite Styched now operating and overseeing all departments.

According to the company, this development will be followed by an aggressive hiring phase to enhance Styched’s footwear division and ultimately improve the overall offering.

IIFL Home Finance secures $50mn loan from US International Development Finance Corp

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IIFL Home Finance has raised a $50 million loan from US International Development Finance Corp (DFC) to expand its affordable housing finance portfolio, focusing on sustainable housing.

According to Monu Ratra, chief executive of IIFL Home Finance, who spoke to ET, the fund was raised at a concessional rate of 5.72%, which includes the cost of hedging.  

Its average cost of funds is 8.4%. 

The deal represents the growing confidence that overseas investors have in India’s rapidly expanding affordable housing market.  

For the second time this year, the mortgage lender is raising debt. It received $68 million from the Asian Development Bank in January.

“Overseas investors, especially the development financial institutions, see affordable housing as an area they can have the biggest impact in developing countries. So, for them investing here is completely in sync with their social development goals of building sustainable cities and communities as well as taking climate action,” Ratra said.

Another mortgage lender focusing on the affordable segment, Shriram Housing Finance, raised $50 million last week from the London branch of Canara Bank in its first external commercial borrowing.  

Last year, a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) bought a 20% stake in IIFL Home Finance for about Rs 2,200 crore.

The mortgage lender, a division of IIFL Finance, primarily serves low-income and economically weaker groups. At the end of June, it had assets under management of Rs 29,595 crore. More than three-fourths of this comes from home loans. Its other lending verticals include loans against property to small enterprises and construction finance.

Parent IIFL Finance raised $175 million last month in a three-year external commercial borrowing from lenders, including HSBC and overseas branches of Bank of Baroda (Gift City) and Union Bank of India (Sydney branch), at a blended cost of 9.2%.

Arrcus brings transformational cost-effective networking solutions to drive explosive growth of Digital India

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Arrcus, a leader in core, edge, and multi-cloud network infrastructure and a hyperscale networking software company, announced the availability of its ACE routing and switching solutions to support the rapid development of Digital India

India is setting the standard for digital payments, large-scale mobile connectivity, and AI-driven automation, with an online economy predicted to reach $1 trillion by 2030. Arrcus routing and switching solutions offer network operators and enterprise customers a combination of scale, performance, and extremely attractive economics to meet the demanding networking requirements of these applications.

“We are excited to introduce our ACE platform as well as our flagship ArcOS network operating system to India,” said Shekar Ayyar, Chairman and CEO of Arrcus.

“We understand the unique challenges and opportunities this market presents and are pleased to offer a solution that saves substantial cost without any compromises on performance for datacenter switching, 5G routing, and multi-cloud networking“.

India has experienced unprecedented growth in its digital transformation due to programmes like the Aadhar card, United Payments Interface (UPI), and DigiLocker. India had 700 million active internet users as of February 2023, generating a staggering 2 million Terabytes of data daily. An agile, distributable networking infrastructure is necessary for such rapid growth. Due to their rigid architectures and high cost, traditional legacy routing and switching solutions in India represent a significant bottleneck. Arrcus provides a modern network architecture that can be economically deployed across various use cases, including the edge, core, and multi-cloud environments, in response to this challenge.

Customers are freed from vendor lock-in owing to the deployment of Arrcus’ routing and switching on whitebox hardware made by various manufacturers. ArcOS also has advanced features, such as support for 400G Ethernet, distributed AI workloads, hybrid cloud environments, advanced traffic engineering, and API-first architectures. Arrcus significantly reduces total cost of ownership (TCO) by up to 40% compared to legacy networking solutions.

With the help of a highly talented team of R&D and customer engineering from Bangalore, San Jose, and other global locations, Arrcus is now ready to empower organizations across India to unlock the full potential of Digital India with its affordable, programmable, virtualized, and scalable networking platform.

Open-source AI model creator Nomic secures $17mn led by Coatue

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AI startup Nomic has raised $17 million in a new funding round from investors led by Coatue, the companies told Reuters.

The investment valued NewYork-based Nomic AI, a team of four at the time, at $100 million, showing VCs’ continued interest in backing startups with small teams developing successful AI products. Betaworks Ventures and Contrary Capital also participated in the round. 

Since its inception in 2022, Nomic has released two products, one of which is GPT4ALL, an open-source AI model that can be downloaded for free and run on computers, including laptops. It also has a tool called Atlas that enables users to visualize unstructured datasets used to build large language models (LLM).

According to Nomic, its goals are to democratize access to AI models and improve the visibility of datasets in model training. 

“We want to allow people to have access to the most powerful models that are specialized for the use cases they care about and to build those systems themselves. They need to be able to understand what data goes into those systems,” said Andriy Mulyar, co-founder at Nomic AI, who plans to use the funding for hiring and product development. 

More than 50,000 developers from companies, including Hugging Face, according to Nomic, have used its products. Furthermore, it has partnerships with Replit and MongoDB. As researchers worldwide collaborate to develop models that could compete with GPT-4, open-source models are considered alternatives to proprietary models developed by AI labs like OpenAI and Google.

“It gives you the platform for privacy with a local model, which will become more important as people have unique data that they want to interact with LLM,” said Sri Viswanath, partner at Coatue. Coatue has invested in open-source AI startups, including Stability AI, Hugging Face, and Replit.