Park+ to raise over $16M in a Series C round

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December 3, 2022

According to Ministry of Corporate Affairs filings, parking solutions startup Park+ announced on Friday to raise over $16 million in a Series C round headed by Eqip Capital II.

Eqip Capital will contribute Rs 98.12 crore (or $12.05 million) to the round, and Matrix Partners and Sequoia Capital India will each invest Rs 16.35 crore (or $2.01 million).

The company plans to increase its operational capacity using the funds.

Recently, the battery-swapping provider Mooving joined forces with Park+. More than 2,000 swapping stations will be installed around Bengaluru, Mumbai, and Delhi NCR.

In a Series B round co-led by Sequoia Capital India, Matrix Partners India, and Epiq Capital in November, the company raised $25 million.

Founded in July 2019, Park+ offers B2B (business-to-business) enterprises and daily commuters with advanced, cloud-based automated parking systems.

For FY21, the company disclosed a wider loss of Rs 24.05 crore and revenues of Rs 9.74 crore. This year, it also installed more than 1,000 EV chargers. According to Park+, it has collaborated with more than 1,500 parking lots and given over 20 lakh FASTags.

KreditBee receives $80M in a Series D funding

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December 2, 2022

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Fintech KreditBee announced that it had raised $80 million as part of its Series D funding round from investors including MUFG Bank, a new investor, Premji Invest, Motilal Oswal Alternates, NewQuest Capital, which TPG backs, and Mirae Asset Ventures.

The company announced that it would upgrade its tech stack and diversify its product offering with fresh capital.

According to filings with the Registrar of Companies (RoC), the parent company of KreditBee, Finnovation Tech Solutions, recorded a loss of Rs 84.9 crore in FY22, up from Rs 78.2 crore the year before as expenses nearly doubled. Over the same period, its revenue increased 2.7X to Rs 445.4 crore.

“The investment adds more weight to our vision of encouraging financial independence through a smart digital experience, which is what India stands for today,” said Madhusudan E, Co-founder and CEO of KreditBee, in a press statement.

KreditBee, a fintech lending platform with headquarters in Bengaluru and founded in May 2018, offers loans to professionals as well as check-out finance to consumers.

The startup stated that it plans to offer financial services like insurance, credit score reports, and merchant solutions, along with secured loans, house loans, and credit lines that are digitally connected.

Polygon and Flipkart announce a Strategic Partnership

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December 2, 2022

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Ecommerce marketplace Flipkart has teamed up with web3 firm Polygon to launch a blockchain-ecommerce centre of excellence that will research web3 and metaverse use cases.

For its interactive virtual shopping platform on the metaverse, Flipverse, Flipkart previously partnered with the Ethereum scaling protocol in advance of its blockbuster festival season sale.

This latest partnership, according to Polygon Co-founder Sandeep Nailwal, “will pioneer research and development at the intersection of web3 and experiential retail.”

In a statement released by the company, Jeyandran Venugopal, Chief Product and Technology Officer at Flipkart, said, “The online marketplace will look to leverage Polygon’s “expertise and technical know-how to successfully onboard users, not just to the value proposition of web3 or Metaverse commerce but also web3 in general.”

In addition to Flipverse, Flipkart’s earlier web3 and metaverse ventures include FireDrops, an NFT platform, and Flipkart Labs, a web3 innovation unit.

According to a statement from the company, Flipverse will provide access to brands, digital collectibles, and supercoins. The brands that will be a part of Flipverse include Puma, Noise, and Nivea.

“We see the blockchain-ecommerce centre of excellence as an engine for the evolution of ecommerce in the years to come,” said Sandeep.

Godrej Properties buys 18 acres of land in Mumbai

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December 2, 2022

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Realty firm Godrej Properties announced that it had acquired 18.6 acres of land parcel in Kandivali, Mumbai. According to the company, “The project will have a developable potential of 3.72 million sq feet (approx) with an estimated revenue potential of around ₹7,000 crores”.

According to the company’s plans, the development will primarily consist of premium apartments with supporting retail spaces.

Godrej Properties, a part of the business conglomerate Godrej group, is one of the leading real estate developers in the country.

According to a regulatory filing, the company claimed it is the 8th project addition for Godrej Properties in FY23 and “take the cumulative expected booking value from projects to ₹16,500 crores in FY23.”

“We are pleased to announce the addition of this large and strategically important project in Mumbai. This project will allow us to significantly increase our market share in Mumbai over the next several years and fits within our strategy of deepening our presence across key real estate micro markets,” Mohit Malhotra, MD & CEO of Godrej Properties, said in a statement.

The Western Express Highway, Metro, and Suburban Railway Stations are all easily accessible from the land due to its strategic layout in a prestigious locality. It provides access to a highly advanced social and civic infrastructure that includes several educational institutions, medical centres, shopping centres, and entertainment venues.

Godrej Properties acquired 12 acres of land in Pune last month to build a housing project with a projected sales revenue of approximately ₹2,000 crores.

International Experience Canada Programme: Canada permits more international youth to work and travel in Canada

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December 2, 2022

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Canada has introduced the International Experience Canada (IEC), which offers young people the opportunity to travel and work in Canada for up to 2 years. With a 20% increase in the number of applicants who can apply, Sean Fraser, Minister of Immigration, Refugees, and Citizenship, announced the 2023 International Experience Canada (IEC) Program on Wednesday. Applicants will be able to apply as of January 9, next year.

IEC is a programme that enables youth from Canada and other countries to work and travel in each other’s countries. With this increase, approximately 90,000 candidates—including young Francophones—will be able to work and travel in Canada, assisting employers in filling labour shortages—including for seasonal job openings in the country’s tourism sector.

“Our government is helping more international youth to work and travel in Canada, effectively helping employers, most of those in the tourism industry, find the workers they need. By giving youth the opportunity of international travel and work experience, we are strengthening our economy and helping our businesses succeed, particularly in places like Banff that need seasonal help,” said Sean Fraser, Minister of Immigration, Refugees and Citizenship.

“International youth bring so much to our country. From building people-to-people ties to helping our businesses succeed, international youth add value to communities right across Canada. Today’s announcement will benefit sectors like the tourism industry to find the workers they need to fill labour gaps, all while providing youth the opportunity to explore Canadian cultures, languages and societies,” said Marci Ien, Minister for Women and Gender Equality and Youth.

There are three categories of participation under the program:

Working Holiday participants receive an open work permit to work anywhere in the host country to support their travels.

International Co-op (Internship) participants receive an employer-specific work permit that allows students to gain targeted experience in their field of study.

Young Professionals participants receive an employer-specific work permit to gain targeted, professional work experience within their field of study or career path.

The Canadian government helps employers, notably those in the tourism industry, fill open positions by allowing more foreign youngsters to work and travel in Canada.

MoooFarm secures $13M in a Series A round led

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December 1, 2022

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Gurugram-based agritech and dairy startup MoooFarm has raised $13 million in a Series A round headed by Aavishkaar Capital. Accel Partners, Aditya Birla Ventures, Rockstart, Navus Ventures, and Alteria Capital also participated in the funding round.

The company plans to use the funding to scale its operations in Rajasthan, Punjab, and Haryana and expand into Madhya Pradesh and Maharashtra.

In a statement, Param Singh, Founder and CEO, MoooFarm, said, “We aim to utilize this Series A funding to further expand our operations nationally and strengthen our capacity to cater to the growing needs of our farmer communities. MoooFarm offers an integrated, efficient and scalable dairy management solution that connects all stakeholders along the value chain, making our platform indispensable to improve efficiency, yield and profits. “

MoooFarm works to improve the livelihoods of India’s marginalized dairy farmers and increase their profitability. It offers a dairy farm management app in the farmer’s vernacular language. According to the company, the app makes buying inputs (such as cattle feed and grain) more reliable and gives farmers access to veterinary care and dairy farming techniques.

A MoooSathi, a village-level entrepreneur who provides last-mile aggregation and demand servicing support, ensures the delivery of these services to the farmer.

By FY2023–2024, MoooFarm aims to increase its revenue to Rs 300 crore and expand its network of MoooSathis to 3,000.

Sushma Kaushik, a Partner at Aavishkaar Capital, said, “MoooFarm has a vision to disrupt the dairy value chain through the right technological interventions, which opens up tremendous opportunities for small and marginal dairy farmers to improve their income while organizing this otherwise traditionally unorganized business. We are excited to partner with MoooFarm in their growth journey while building a large sale business which has the ability to positively impact millions of farmers across India.”

Vizag Tech Summit 2023 anticipates investments worth Rs 3,000-Cr

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December 1, 2022

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Dubai will host CEO conclaves, startup meet-ups, and investor roadshows as a part of the Vizag Tech Summit 2023.

On February 16–17, 2023, in Visakhapatnam, a major event is scheduled to wrap up the summit, which officially began on November 29, 2022. The Indo-American Chamber of Commerce and the Pulsus Group are supporting this event, organised by the Government of Andhra Pradesh. In the event, projects worth Rs 3,000 crore will probably be signed.

The World Trade Organization tower will serve as the location for the CEO conclaves and investor road shows, which are tentatively scheduled for January 31, 2023.

Through live virtual and physical event platforms, the summit will allow attendees to network, exchange knowledge with significant worldwide networks, share the latest trends, and exhibit emerging technology.

Dr Srinubabu Gedela, CEO and Managing Director of Pulsus Group, said: “With over 25 speakers across three sessions, we anticipate Vizag Tech Summit 2023 to attract a wide range of decision-makers (1,000+) from India and around the world, providing an effective platform for both established and emerging tech companies to accelerate growth. We anticipate projects worth Rs 3,000 crore to be signed during the event, of which Rs 1,000 crore are in the advanced stage of closure.”

The Indo-American Chamber of Commerce, Jonathan Heimer (Minister Counsellor for Commercial Affairs, United States Embassy, New Delhi), and Srinubabu Gedela inaugurated the Vizag Tech Summit2023 poster on Wednesday in Hyderabad.

Visakhapatnam is one of India’s fastest-growing technology hubs.

DeHaat bags $60M in a Series E funding

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December 1, 2022

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DeHaat, an agritech business, has raised $60 million in a Series E funding round led by Temasek and Sofina Ventures. The round included participation from Prosus Ventures, RTP Global India, and Lightrock India.

In this funding round, Vertices Partners and Dexter Capital participated as advisors.

This is the startup’s third fundraise. With the funds, it plans to expand into new regions worldwide and add over one million farmers to its platform.

Shashank Kumar, Co-founder and CEO, DeHaat, said, “DeHaat has seen 60X growth in the last 40 months, and it now has laid a foundation for a clear path to profitability. Closing a $60 million round when 70% of the last raise is still left signifies a victorious status of DeHaat as a market leader in agtech. We aim to leverage this status to consolidate our growth towards efficiency and profitability. We aim to break-even in the next 12 months along with 2-2.5X growth on a YoY basis.”

The startup provides farmers with end-to-end agricultural services, such as the distribution of high-quality agricultural inputs, personalized farm advisory, financial services access, and market linkages for selling their produce.

Yana Kachurina, Principal, Sofina, said, “We continue to be impressed by DeHaat’s vision and endeavour to empower farmers and local communities, and with this additional funding, we hope to create an even deeper and broader impact within the existing network as well as new geographies.’

The agritech startup has a digital network of over 10,000 micro-entrepreneurs and a last-mile supply chain in over 110,000 villages across over 150 districts in India. In Bihar, Jharkhand, Maharashtra, West Bengal, Rajasthan, Haryana, Madhya Pradesh, Odisha, Chhattisgarh, Gujarat, and other states, the startup has more than 1.5 million farmers.

DeHaat has onboarded 2,000+ agribusiness organizations, including FMCG companies, banks, insurance partners, and producers of bulk exports. DeHaat aims to increase industry efficiency and transparency by offering these organizations direct access to farmers.

With as many as six M&As already under its belt, the company has been ahead in consolidating the industry. The most recent acquisitions were twin companies, YCook India Pvt Ltd and FieldFresh Foods, to support Indian farmers’ access to the global market.

Gig work is rising in the workforce: Azim Premji

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November 30, 2022

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Azim Premji, the founding chairman of Wipro, stated that the importance of gig workers has grown. Premji claimed that the number of part-time workers is rising while speaking at the diamond jubilee celebration of the Karnataka Employers’ Association.

“The experience of companies with gig work is that it ensures productivity, flexibility, and companies get access to talent that one would not have within the company,” he said.

After IT services companies started taking action against moonlighters, gig labour suddenly became a major topic. Even though moonlighting is gig work, it’s typically done secretly from the primary job. Wipro’s current chairman Rishad Premji had described moonlighting as ‘cheating’.

Azim Premji said that in conflicts between workers and employers, all parties must work together to find solutions and prevent problems from arising. “In reality, this is the way for businesses to be successful and prosperous. But too many times, we have seen both employers and employees taking opposite positions,” Premji said.

He added that to have a strong and thriving economy, we must create a system and culture that views companies and their employees as partners.

Web3 game discovery and wallet app Glip secures $2.5M

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November 29, 2022

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The Bengaluru-based startup Glip has raised $2.5 million in a Pre-Series A funding round led by Hashed Emergent, with participation from Beenext and existing investor Prime Venture Partners. Glip offers a global Web3 gaming discovery and wallet app.

To increase user acquisition and engagement, Glip continues to onboard Web3 games like Axie Infinity, League of Kingdoms, and KOF Arena by Netmarble to attract millions of gamers to the platform.

The startup will use the funds to develop its 10-member team, introduce new product features, and build a larger global community. To remain lean, it also adheres to a zero-marketing-burn strategy.

Tak Lee, the Managing Partner of Hashed Emergent, said, “Currently, there are two major challenges in Web3 gaming—lack of distribution channels and complex user onboarding. The team at Glip has built a seamless platform to solve for both. We are impressed by the team’s agility, foresight and speed of execution, and are excited to partner with them on their journey to build the ‘Steam’ equivalent for Web3 games.”

CEO and Co-founder Parth Choudhary said, “With $10 billion already deployed, Web3 games are increasing rapidly and getting better by the day, but they are all struggling with user acquisition on Web2 platforms. Our mission is to build the world’s largest Web3 gamer platform.”

According to the startup, Glip offers a live platform with over two million active users. Although the team is situated in India, it serves a global audience. The Web3 startup has raised $6 million through several rounds of funding. Prime Venture Partners, Better Capital, iSeed, and other angel investors were listed as participants in the seed round.

Over seven million people have downloaded the startup’s Android app in Brazil, Southeast Asia, and India. It provides players with brand-new Web3 games, tutorials, and quests in addition to tournaments. Users who log in to the app receive a social login, non-custodial, multi-chain, and gasless wallet.

Ishan Shrivastava, COO and Co-founder of Glip, added, “We have a pipeline of 100+ games across the world, including top publishers. They are all excited by Web3 adoption in emerging markets and will soon get a self-serve dashboard to run campaigns, user feedback, and analytics. Glip will soon cross 100,000 monthly active Web3 gamers.”

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