SaaS startup Growfin raises $7.5mn in Series A funding

By

-

March 7, 2023

Fintech platform Growfin has raised $7.5 million in Series A funding led by Singapore-based venture capital firm SWC Global. Existing investors 3one4 Capital, angel investors, chief financial officers, and other industry leaders participated in the Series A round.

The company stated it plans to use the funds to strengthen its tech stack, expand the line of products it offers, evolve into an “all-in-one integrated cash solution,” and enhance the predictive artificial intelligence (AI) capabilities of its products this year.

The Wilmington-incorporated software-as-a-service (SaaS) startup had raised $1.4 million in seed funding from early-stage VC firm 3one4 Capital and a group of angel investors a year ago.

Growfin’s business-to-business payments collection/automation platform reduces the challenges faced by the revenue and finance teams by giving visibility into account receivables (the amount due to a business from its customers to whom the products/services have been delivered).

The company, whose team is primarily based in Chennai, claims to have experienced an 8X increase in customers over the past 12 months and to have collected $1 billion in account receivables. Locus, a leading provider of last-mile logistics tech, Airmeet, a platform for virtual and hybrid events, Intercom, and Mindtickle, a customer communications platform, are just a few of its notable customers.

Growfin was founded by ex-Freshworks alumni Aravind Gopalan and Raja Jayaraman, whose startup Frilp, a social recommendation tool, was acquired by the SaaS major in 2015. The duo launched the startup publicly a year ago, along with its seed funding announcement.

“Managing receivables and collecting payments is often complex and gets even more complicated as businesses grow. Despite the growth of ERPs and CRMs such as Salesforce and Netsuite, I realized that 90% of finance teams still manage their AR (accounts receivable) processes outside of these tools, usually on spreadsheets or databases internal,” Aravind Gopalan said. “This collaborative approach will provide greater efficiency and transparency and build trusting relationships between customers and businesses to collect B2B payments faster.”

JPMorgan expects another busy year for dealmakers in India

By

BRL Editor

-

March 7, 2023

0

According to JPMorgan Chase & Co., geopolitical tensions could drive companies to diversify into the South Asian nation. Thus dealmakers in India should expect another strong year for mergers and acquisitions.

With a global slump in deal activity, India ended its busiest M&A year in 2022 with transactions totalling around $191 billion, according to data compiled by Bloomberg. Nitin Maheshwari, head of M&A for India at JPMorgan, said that while it’s unlikely that the country will achieve such a high milestone this year, there will be enough deals to keep the bankers busy.

“China has been a bit difficult to deploy, so where can these managers go?” Maheshwari said in an interview. “You can go to Australia and Japan, which are both competitive in terms of capital. That’s why more capital will continue to flow into India, which is the biggest market for some global sponsors.”

Even though recent issues at billionaire Gautam Adani’s business empire have lessened its attractiveness, India — and its fast-growing economy — has emerged as a major bet for global financial firms. At the same time, China finds it difficult to draw investors after years of economic stagnation from its protracted Covid Zero policy and a crackdown on private enterprise, especially on its biggest tech firms.

Maheshwari said that this year’s deal flow in India would be driven by smaller transactions, with the majority falling between $500 million to $2 billion. He said that sectors such as technology, energy, speciality manufacturing, and health care are expected to be fairly active.

“Corporate clarity, financial sponsors, and switch from public to private track will likely be the three key drivers for M&A this year,” he said.

Palo Alto Networks elevates KP Unnikrishnan as New Chief Marketing Officer

By

BRL Editor

-

March 6, 2023

0

Palo Alto Networks marketing veteran KP Unnikrishnan (Unni) is elevated to Chief Marketing Officer (CMO), effective March 4. He will be based in the company’s Santa Clara headquarters and report directly to Palo Alto Networks Chairman and CEO Nikesh Arora.

Taking Unni’s role as Head of Marketing, Asia Pacific and Japan, Lisa Sim will oversee the company’s regional growth strategy, improving brand visibility and driving opportunities by increasing demand for Palo Alto Networks‘ cutting-edge cybersecurity solutions. Lisa has worked with the company since 2017, most recently serving as the Head of Marketing for South Asia. She manages the Cybersafe Kids program as its director.

The transition comes when Palo Alto Networks is ideally positioned to support customers as they engage on a network transformation journey and consolidate their security architectures.

“The past 9 years have been among the most fulfilling years of my career. I have been part of the phenomenal growth story of this company, one that saw a startup of near anonymity catapult into a world leader in cybersecurity.” Unni reflected. “I am excited to take on this role as we deepen our presence and impact across the world. With the most comprehensive cybersecurity portfolio, my goal is to continue to build on our mission of being the cybersecurity partner of choice, protecting our digital way of life.”

“I am really excited about joining the JAPAC leadership team for the next chapter of our growth journey. Protecting our digital world deeply aligns with many of our customers’ values. It’s rewarding work to protect organisations and to also drive social impact through our education programs.” said Lisa Sim.

Zetwerk raises Rs 100-Cr in debt from Edelweiss

By

BRL Editor

-

March 6, 2023

0

Zetwerk, a Bengaluru-based business-to-business (B2B) startup, reportedly raised debt funding of approximately Rs 100 crore from a fund backed by the Edelweiss Group.

Around ₹83 crores of the funds came from the Edelweiss Credit Plus Fund, which provides loan capital to early-to mid-stage private firms, according to Mint. The capital was raised through the issuance of non-convertible debentures (NCDs).

The report further stated that Cyril Amarchand Mangaldas (CAM) was the transaction’s legal advisor, and Perigon Consillario LLP was the investment banker.

Zetwerk (Zetwerk Manufacturing Businesses Pvt. Ltd.), founded in 2018 by IIT alumni Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma, and Vishal Chaudhary, provides manufacturing solutions to businesses such as fabrication, machining, casting, moulding, onsite services, extrusion, stamping, forging, etc.

The category II alternative investment fund (AIF) Edelweiss Credit Plus Fund focuses on opportunities in the mid-market for performing credit space. Firms, primarily in the fintech industry, such as Cashe and Spandana Sphoorty, can get short-term capital for 1-3 years.

CAMS acquires majority stake in Think Analytics

By

BRL Editor

-

March 6, 2023

0

City-based Computer Age Management Services Ltd (CAMS) has acquired a majority stake in Think Analytics India Pvt Ltd (Think360 AI) to strengthen its account aggregator framework and enhance Artificial Intelligence and analytics services, the company said on Sunday.

It offers innovative solutions using digital technologies, including advanced analytics, machine learning, mobile, and cloud computing. Leading companies in India and worldwide can access software as a service (SaaS)-based products, data science, and technology advisory services from Think360 AI.

“With AI, analytics and data-led technologies becoming mainstream to solve problems and to transform and grow businesses, we found investing into Think360 AI as a good opportunity that will assist CAMS in building overall market reach and drive innovation in the BFSI and capital markets space,” CAMS Managing Director Anuj Kumar said.

“The product and solution suite of Think360 AI is a great fit for our account aggregator offering, which would help solidify our position as a digital public infrastructure,” he said in a company statement here.

Amit Das, co-founder and CEO of Think Analytics India Private Limited, stated that the Think360 AI team is excited to join the CAMS Group. This company has sustained leadership in the financial technology industry.

“The synergy between CAMS and Think360 AI will essentially focus on bringing high-impact innovation across the financial services landscape and creating market-leading advantages for our clients,” Das said.

“This will also fortify our ability to tap the immense potential of the account aggregator market. Collaboratively, we look forward to driving transformation in a true sense with new-generation technologies,” he said.

VFS Capital to raise Rs 1,500 Cr in FY24 to support growth plans

By

BRL Editor

-

March 4, 2023

0

Leading microfinance institution VFS Capital looks to raise around Rs 1,500 crore in FY23–24 to support its growth and expansion plans, a top company official said.

He said the Kolkata-headquartered NBFC-MFI raised around Rs 800 crore in the current financial year ending this month.

“Our focus has been on loan book growth and expansion of branches. We are planning to raise around Rs 1,500 crore in the next fiscal,” VFS Capital MD and CEO Kuldip Maity said.

Since MFIs in India, unlike Bangladesh, are not allowed to raise deposits, borrowing costs are high, he said.

“We get access to funds only from banks and NBFCs,” Maity said.

To a query, he said, “VFS does not have immediate plans” to apply for a licence to get a small finance bank (SFB) tag.

The Reserve Bank of India allows such SFBs to raise money from the public.

With a loan disbursement of around Rs 1,300 crore – 1,400 crores, VFS Capital expects to close the current fiscal year.

“We plan to scale up the loan book to Rs 2,500 crore in FY23-24,” Maity said.

In FY22, it reported a loan book of Rs 805 crore.

Dinesh Kumar Khara, the Chairman of the State Bank of India, felicitated six rural women entrepreneurs and MFI borrowers at the event.

With a network of about 280 branches in 14 states, including West Bengal, Bihar, Assam, Jharkhand, Orissa, Madhya Pradesh, Uttarakhand, Chhattisgarh, Haryana, Uttar Pradesh, and Rajasthan, the MFI currently serves approximately four lakhs women borrowers.

“This fiscal, we have opened 30 more branches, mostly in Bihar, MP, and Rajasthan. Our plan is to add 50 branches in FY23-24,” he said, adding that the company continues to explore new locations to serve the unbanked people and expand its footprint as a microfinance institution.

Lemon Tree Hotels signs two new hotels in Dapoli, Maharashtra

By

BRL Editor

-

March 4, 2023

0

Lemon Tree Hotels has announced the signing of two new properties in Maharashtra: Keys Lite by Lemon Tree Hotels, Sylvan, Dapoli, and Lemon Tree Hotel, Dapoli. By October 2023, both properties are expected to be operational. Carnation Hotels Private Ltd, a fully-owned subsidiary and the management arm of Lemon Tree Hotels Limited will manage both properties’ operations.

The Lemon Tree Hotel, Dapoli, will have 50 well-appointed rooms, a restaurant, a bar, conference rooms, a swimming pool, a fitness centre, and other public spaces.

Keys Lite from Lemon Tree Hotels Sylvan will have 20 luxurious rooms, a restaurant, banquet lawns, a swimming pool, indoor and outdoor game areas, and other public areas.

Both properties have easy access to public and private transport to all of Maharashtra’s major cities, including Mumbai and Pune.

Dapoli is a popular beach destination in the South Konkan region of Maharashtra. Dapoli has something to offer everyone: its magnificent beaches, ancient temples, caves, and forts. Given the accessible distance, Dapoli has grown incredibly popular with tourists from Mumbai and Pune who travel there for weekends. Because of its year-round cool climate, which makes it an ideal vacation destination, Dapoli is also called the “mini-Mahabaleshwar of Maharashtra”.

Speaking on occasion, Mahesh Aiyer, CEO of Carnation Hotels Private Limited, commented, “We are delighted to announce two hotel signings in Dapoli with our valued partner, PRS Hospitality Infrastructure Development (I) Pvt. Ltd. We already have 8 operational hotels in the state, in Mumbai, Pune and Aurangabad, another 2 upcoming in Mumbai and, now, 2 in Dapoli. We have found that Maharashtra has immense tourism and business potential and are looking at adding more hotels and resorts in the state to our existing portfolio,” he added.

Courtyard by Marriott Shillong opens Spectra, an all-day dining restaurant

By

BRL Editor

-

March 3, 2023

0

Courtyard by Marriott Shillong is thrilled to announce the opening of Spectra, the hotel’s newest all-day dining destination. The multi-cuisine restaurant is set to offer its diners a wide array of buffet choices and an enticing a la carte selection of local and international favourites. Providing a blend of culinary innovation and personalized service, it is the perfect setting for diners to unwind with family, friends, and business connections.

Every food lover will love the stylish and elegant restaurant. By using fresh ingredients carefully crafted by the restaurant’s in-house culinary team to reflect international flavours and local heritage, the restaurant will offer gourmet experiences with an emphasis on both world cuisine and locally inspired cuisine.

The restaurant is located on the lobby level and features a spacious dining area with floor-to-ceiling windows endowed with natural light. A beautiful al-fresco dining area is attached to the restaurant for guests who prefer outdoor dining.

The team at Spectra is committed to providing guests with an outstanding dining experience, with attentive service and attention to detail. The restaurant is open for breakfast, lunch, and dinner operations, providing guests the flexibility to eat at any time. Cuisine highlights include breakfast, lunch, and dinner with interactive kitchens and various live counters with modern perspectives and balanced flavours.

The restaurant is all set to become the brunch capital of Shillong every Sunday, with a lavish spread, with heady concoctions to make for lazy Sunday afternoons to become fun.

“We are delighted to launch Spectra, our all-day dining restaurant at Courtyard by Marriott Shillong,” said Tushar Nagar, the general manager at Courtyard by Marriott Shillong. “We believe in offering our guests a truly authentic dining experience, and that’s why we have sourced our ingredients locally to ensure the freshness and flavoursome of our food. By incorporating indigenous ingredients into our menu, we are not only providing a unique culinary experience but also supporting local produce and communities. At Spectra, our focus is on offering a memorable dining experience that celebrates the best of local and international cuisine.”

VMware and Samsung expand collaboration on 5G tech

By

BRL Editor

-

March 3, 2023

0

VMware has expanded its partnership with Samsung, resulting in the integration of Samsung’s O-RAN compliant virtualized RAN solutions and VMware Telco Cloud Platform as part of the DISH Wireless 5G network buildout.

According to a statement, this milestone strengthens ongoing efforts by the two companies to enable Communication Service Providers (CSPs) access to all the benefits of Open RAN networks.

The global 5G collaboration between VMware and Samsung was first announced in 2020. Since then, the two companies have developed a validated architecture and cell site deployment model that integrates the Samsung virtualized Distributed Unit (vDU), built on top of the VMware Telco Cloud Platform.

“VMware, together with Samsung, has developed the next-generation RAN by combining the power of software-defined, open interfaces, and scalable virtualization, all running in a cloud-native architecture. We’ve begun to crack the RAN code—this is the first step to full network programmability enabling the vision of networking on demand for dynamic applications,” said Lakshmi Mandyam, Vice President of Product Management and Partner Ecosystem, Service Provider and Edge, VMware.

The two companies are now working together to simplify the development of 5G Open RAN networks powered by a cloud-native architecture simpler for CSPs.

“We are excited to share that our collaboration with VMware is now delivering the power of 5G and Open RAN to CSPs with real network traffic running in the Core and RAN,” said Kicheol Lee, Vice President and Head of System S/W R&D, Networks Business, Samsung Electronics. “Together, we are making it easier for CSPs to embrace open, virtualized cloud-native technologies that will help accelerate the advancement of commercial 5G networks.”

Foxconn to invest in India’s Telangana state

By

BRL Editor

-

March 3, 2023

0

Apple supplier Foxconn will invest an undisclosed sum in India’s southern state of Telangana towards an electronics manufacturing facility in the south Indian state, the state’s chief minister said on Thursday.

According to Telangana’s IT minister KT Rama Rao, the investment will generate 100,000 jobs in the state. The announcement came after a meeting between Telangana’s chief minister and Foxconn’s chairman earlier in the day.

Foxconn, based in Taiwan, already operates in Andhra Pradesh and Tamil Nadu, where it manufactures products for companies like Apple Inc. and Amazon.com Inc.

“The state government is on a mission to transform Telangana for better and has undertaken several marquee projects to realise vision of ‘Bangaru Telangana’. Foxconn’s unit will help in generating large scale employment to youth and will help in attracting more such industries to the State,” said Telangana CM.

CONNECT WITH US