Axiscades Technologies buys Mistral Solutions for Rs 296-Cr

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December 23, 2022

Axiscades Technologies, an engineering solutions company, has completed the acquisition of Mistral Solutions for Rs 296 crore. Mistral is a company with expertise in product engineering, embedded electronics, defence, and semiconductors.

According to Axiscades Technologies, the acquisition will increase its capability in digital engineering, embedded electronics, and systems engineering. Axiscades expects this acquisition will result in robust and consistent earnings and margin expansion.

The company recently received a repeat work order to offer engineering services for product design for all aircraft programmes of the leading global aerospace firm Airbus.

According to Axiscades Chairman David Bradley, the acquisition will allow the firm to expand its operations and add complementary products to its portfolio while providing customers with cutting-edge solutions.

Data science startup Tredence secures $175mn in Series B funding

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December 23, 2022

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Global data science and AI (artificial intelligence) solutions company Tredence has raised $175 million in a Series B funding round from a global private equity investor Advent International.

Tredence will use the funds from this round to speed up the realization of AI for various industries and data-driven growth.

Advent will also join Tredence’s board of directors as part of the agreement, buying a minority equity stake in the startup.

Private equity firm Chicago Pacific Founders (CPF), an existing investor, will continue to hold shares of Tredence. According to a statement, CPF made its first investment in the firm in December 2020.

Tredence, a company founded in 2013 by Shub Bhowmick, Sumit Mehra, and Shashank Dubey, strives to bridge the gap between insight delivery and value realization.

Through customized solutions, it offers clients a distinct approach to data and analytics. The startup has offices in San Jose, Foster City, Chicago, London, Toronto, and Bengaluru.

It has 1,800 employees, and its clients include companies in the retail, telecom, healthcare, travel, and industry sectors.

“Tredence was founded to help clients solve some of the most complex challenges across industries through pragmatic innovation and continuous experimentation,” said Tredence CEO Bhowmick.

Godrej Properties to develop 14.27 acres land in Gurugram

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December 23, 2022

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Godrej Properties (GPL) has entered into an agreement for the development of 14.27 acres of land in Gurugram, Haryana, the company said in a BSE filing.

The proposed development, with a potential turnover of almost Rs 3,000 crore, will mostly consist of luxury residential apartments.

Gaurav Pandey, MD & CEO designate of the company, said, “This project will allow us to significantly increase our market share in Gurugram over the next several years and fits within our strategy of deepening our presence across key real estate micro-markets.”

In Kandivali, Mumbai, the company recently acquired a land parcel of about 18.6 acres. With an estimated revenue potential of almost Rs 7,000 crore, this project has a total developable area of about 3.72 million sq ft.

According to SBI’s e-tendering portal, which organised an e-auction on behalf of the New Okhla Industrial Development Authority (NOIDA), it had been declared the highest bidder in November 2022 for two adjacent Noida land parcels with a combined bid amount of Rs 377 crore.

GPL will use these land parcels in Noida’s Sector 146 to build residential group housing. The two adjacent land parcels total 12.4 acres and have a combined development potential of over 3.2 million sq ft.

Deeptech startup iRasus secures funds in a seed round

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December 22, 2022

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Battery intelligence and analytics platform iRasus raised an undisclosed seed funding round from Digital Futurists Angel Networks (DFAN), Elina Investments, and angel investors Bhuvan Gupta and Amit Khetan, among others.

The startup plans to use the funds to expand its market reach and strengthen its battery analytics and visualization platform. It is building a platform to help businesses organize and analyze battery data.

The digital infrastructure platform, co-founded by Arjun Sinha Roy and Anirudh Ramesh, both graduates of BITS Pilani, integrates and leverages battery data to create applications for better battery management. The startup has developed an API-driven middleware platform to connect batteries to the cloud for data visualization, analytics, third-party development, and integration.

Arjun Sinha Roy & Anirudh Ramesh, Co-Founder iRasus, stated, “We are firm believers of the ability of technology to usher in transformation. This is more so in times like today when technology has the potential to solve various problems on a scale – especially those around climate change and sustainability. We do this through software that helps in the end-to-end management of battery systems and, therefore, offers seamless operations for the EV sector. This funding round will help us enhance the platform and enter the next growth stage. We thank our investors for their faith in us.”

Edtech startup upGrad invests Rs 30-Cr in TuringMinds

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December 22, 2022

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UpGrad, an edtech startup led by Ronnie Screwvala, announced that it had invested Rs 30 crore in TuringMinds.

TuringMinds was founded last year to utilize its scholar pool to meet the growing demand from enterprises for outsourced research and product development.

TuringMinds plans to use this investment to operate more than 15 offline facilities across the US, India, Europe, the UK, and the Middle East.

With 250 product engineers operating in its Hyderabad, Bengaluru, and Detroit offices, the company hopes to double this number in the next quarter.

Regarding the new development, Ronnie Screwvala, Co-founder and Chairperson upGrad, said, “In addition to our LifeLongLearning suite, we are hiring large numbers of bachelor’s to doctorate degree holders to fuel our mission of developing full-fledged marketable products. This further gives One upGrad an edge over its peers and strengthens our stature as the key employment enabler within the country.”

The edtech company announced in August 2022 that it would acquire Exampur in a cash-and-shares deal for an undisclosed sum.

With a clear business objective of incubating and designing 50+ prototypes every year, TuringMinds, with headquarters in India, is actively expanding its global footprint, according to the statement. It aims to establish an enterprise worth Rs 800 crore ($100 million) during the next five years.

Bigyellowfish raises $1.1mn in a seed funding

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December 22, 2022

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Employee experience platform Bigyellowfish announced that it raised $1.1 million as part of its seed funding. With participation from Anicut Capital and Innoport, Powerhouse Ventures led the investment.

The funds will be utilized to expand the company’s global reach through R&D, speed up innovation, and expand software and platform capabilities.

“We are delighted to back Soma and Kunal as they continue to help global companies digitize their employee engagement and deliver measurable business results that impact their safety, employee engagement, development, and retention goals,” Kshitij Golwalkar, General Partner, Powerhouse Ventures, said, in a media statement.

“Bigyellowfish’s experience in working with some of the largest companies in the Shipping & Maritime sectors positions them well to enter other safety-critical industries where the need for superior employee experience solutions is immense,” he added.

Bigyellowfish, a company founded in 2019 by Soma Sundar Gollakota and Kunal Pancholi, offers corporate leaders in the fields of safety, HR, operations, and asset management with predictive signaling and decision support mechanisms.

The company currently provides services to clients in Singapore, the UK, and the EU. Bigyellowfish states that since 2020, its growth has increased by 4X. In the upcoming years, it aims to double down, boost revenues from safety-sensitive sectors, including maritime, aviation, oil & gas, manufacturing, and logistics, and broaden its operations across the US and the Middle East.

Bigbasket receives $200mn from parent Tata Digital: Report

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December 21, 2022

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E-grocery player Bigbasket has raised $200 million from parent Tata Digital which owns 64% of the company. This is Tata Digital’s fourth round of funding in Bigbasket.

According to a report by the Economic Times, the funding round is expected to value Bigbasket at $3-3.5 billion post-money. During a secondary share sale in March this year, the firm was valued at $2.7 billion.

Bigbasket will utilize the fresh capital to expand the quick commerce vertical BB Now and use it as an expansion strategy for core Bigbasket users rather than enticing existing customers to try the 30-minute delivery service, as per the report.

By launching its quick vertical, BBNow, in December 2021, the company, which has been expanding, will be in direct rivalry with other well-funded companies like Instamart by Swiggy, Zomato’s grocery delivery service through Blinkit, and quick commerce player, Zepto.

With a target of approximately Rs 320 crore by December next year, BB Now is generating gross sales of about Rs 130 crore every month. Through dark stores, it is currently present in more than 24 cities.

BigBasket also plans to expand its core egrocery business from the current 55 cities to around 75.

Facilio plans to double its footprint by 2023

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December 21, 2022

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Facilio, a software as a service based property application, has drawn up plans to double its footprint by the end of 2023, a top company official said. The company moved to a 40,000 sq ft office building in the city and plans to hire more people next year.

A fully automated facilities management system is installed in the new building that Indiqube has developed. According to a statement made here by Facilio, the facility is equipped with the company’s flagship offering, an artificial intelligence-based CMMS platform that offers a seamless visitor management system, workplace management, floor visualization, among other things.

Real estate owners can aggregate building data, boost performance, and centrally manage portfolio operations owing to Facilio’s suite of products. Large real estate companies worldwide use the company’s property operations software platform remotely deployed.

“We currently manage 10,000-plus buildings spread across commercial offices, healthcare, hospitality and retail across the globe. We are aiming to double this by the end of 2023 and tap into the USD 30 billion real estate focused operations software market,” co-founder and CEO Prabhu Ramachandran said.

“We will continue to make strategic hires across the product marketing and engineering functions here and are looking to strengthen our enterprise sales teams in the Middle East, US, UK, Europe and Australian markets,” he said.

Apart from Chennai, Facilio today employs 200 people and has offices in New York, London, Australia, Dubai, and Singapore. Investors funding the company include Accel India, Tiger Global Management, Dragoneer Investment Group, and Brookfield Growth.

Digital models now a key ingredient in FMCG story, says a new report

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December 21, 2022

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According to a Nuvama report, general trade’s historical domination of the distribution channel is not under threat even though India’s fast moving consumer goods (FMCG) sector has shown exceptional agility in keeping up with the times by turning to online sales across segments.

“Quick commerce is the poster boy of this online shift, and it is evident in metro and Tier 1 cities post-covid in grocery and dairy. We expect FMCG players to continue to build on their focus on new-age distribution channels, which are showing great appetite for growth. But e-commerce and quick commerce are nibbling away big pies—particularly in indulgence categories,” said the report.

In the e-commerce model, the most established FMCG companies have recorded a higher share of sales. For instance, Hindustan Unilever noted that over 10% of their ice cream business was created by quick commerce. At the same time, sales of D2C, e-commerce, and B2B orders placed digitally account for over 20% of HUL’s overall sales. With a contribution of 9.2% to sales last quarter, up from 7.5% in FY22, Tata Consumer’s e-commerce division saw a 40% growth. Even for Dabur, e-commerce increased by 50% year over year and provided roughly 9% of total revenue in the most recent quarter compared to 2-3% four years earlier.

According to industry experts, the gross merchandise value of the quick commerce market will reach $5 billion by 2025.

“FMCG companies don’t always find direct to consumer channels to be highly profitable. Companies have also relied on third-party data from retailers and are finding it difficult to gain holistic insights into consumers’ buying behaviors and preferences,” Vikas Mangla, founder of Digital ROI, added that margins and profitability are still significant challenges. “Brands could launch private label products to increase profitability and need to focus on expanding the category to increase the average cart value.”

This industry is growing due to rising customer demand for top-ups and impulse purchases. Customers favour quick deliveries and convenience with the expansion of digital touchpoints. Convenience and efficiency in e-commerce and quick commerce delivery are preferred due to busy lifestyles, urbanisation, ageing populations, and smaller households. This demand is driven by millennials, especially Gen Z customers in mid to high-income families in metro and Tier 1 areas. About 0.3 million orders are currently processed each day by quick commerce players.

“Several platforms promote their brands by offering specific offers and discounts. With clear brand descriptions, various product portfolios for digitised platforms, tieups with platforms for offers, FMCG businesses look forward to enhance the scope of their online offerings by increasing coverage for delivery, offering more convenient and quicker delivery options and providing items or products that are hard to find offline,” added the Nuvama report.

Delhivery to buy supply chain technology company Algorhythm Tech

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December 20, 2022

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Delhivery, a logistics company with its headquarters in Gurugram, announced that it is buying Pune-based Algorhythm Tech Pvt. Ltd., a supply chain technology company.

Delhivery stated that the transaction is expected to close on January 31, 2023.

Algorhythm Tech will operate as a fully-owned subsidiary of Delhivery Limited following this 100% acquisition.

Abhaya Borwankar, Ajit Singh, and Sandeep Pendurkar founded Algorhythm in 2003. Through its proprietary Rhythm 3.0 platform, Algorhythm provides end-to-end supply chain planning and execution products to clients across the FMCG, pharma, steel, auto, and telecom sectors.

Sandeep Kumar Barasia, Executive Director and Chief Business Officer, said, “Given that technology has and continues to be our core business differentiator, Algorhythm Tech’s SCM software products will enhance our Supply Chain Solutions offering with value added services and also drive cost optimisation in service delivery.”

Ajit Singh, Co-founder of Algorhythm Tech, said, “Delhivery has made great strides to emerge as the largest logistics provider in India in a decade and we can think of no better team or company to work with to accelerate our joint vision for the future.”

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