Healthtech startup CureBay secures Rs 50-Cr in Series A round

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November 9, 2022

The healthtech startup CureBay, based in Odisha, has raised Rs 50 crore in a Series A round of funding headed by Elevar Equity.

CureBay will use this funding to hire, expand to new locations, and strengthen its platform. CureBay provides accessible healthcare services and facilities for rural areas. In addition, it plans to increase the number of e-clinics from 15 to 100 in the next 12 months.

Priyadarshi Mohapatra, Shobhan Mahapatra, and Sanjay Swain founded CureBay in 2021. Through a transparent booking model and concierge services, CureBay helps patients get admitted for tertiary care at partner hospitals and schedules appointments, offers teleconsultations, delivers medicine, and addresses their diagnostic needs.

CureBay Founder and CEO Priyadarshi Mohapatra said, “The healthcare ecosystem needs an innovative model that enables it to collaborate on a real-time basis to deliver health outcomes to patients across the country. With CureBay, we intend to empower the healthcare system and make it accessible to patients who lack information and proper medical resources.”

According to CureBay, its trained healthcare workers at the e-clinics assist walk-in patients and connect them with city-based doctors for video consultations. For specialised care, the patients have access to a network of partner hospitals and labs. Over 10,000 individuals have received treatment from CureBay so far.

On the investment, Jyotsna Krishnan, Managing Partner, Elevar Equity, said, “We at Elevar Equity have long held the view that rural healthcare platforms need to be custom-designed for this market. CureBay’s blended distribution model with assisted tech is well positioned to address a massive gap – millions of customers are eager to pay for quality healthcare in medically underserved areas.”

Masai School bags $10mn in Series B, onboards Mithali Raj, Bhaichung Bhutia as investors

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November 8, 2022

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Bengaluru-based jobtech startup, Masai School, has announced its Series B round of $10 million, headed by Omidyar Network India and existing investors, including India Quotient and Unitus Ventures. Mithali Raj and Bhaichung Bhutia, two prominent personalities in Indian sports, also participated in the round as investors and partners for an undisclosed sum.

The latest infusion of funds will allow the company to expand its “zero-to-one” skilling course in Software Development and Data Analytics while facilitating the launch of two new course categories.

Speaking of the fundraise, Prateek Shukla, CEO and Co-founder, commented, “This is an opportune time for us to pick up our series B funding, and we are excited to work with our new partners and our current investors alike. Our mission remains to build the country’s largest employable tech workforce. The last 3 years have been proof of our competency in bridging the tech skill gap for over 800 tech companies who have hired more than 2000 alumni.”

The company is introducing MasaiX, its first up-skilling programme, to accelerate the growth of software developers in India to fulfil the demand for tech professionals in roles at Global Capability Centers and Senior Software Developers. To strengthen their academic training with the skills required by industry, college students are the target audience for Masai’s new Scholar Program. Prepleaf, a company subsidiary that Masai acquired in December 2021, is launching the Scholar Program, a prepaid programme, for the company.

These programmes will be supported by two scholarships made possible by Bhaichung Bhutia and Mithali Raj, who joined forces with Masai to reimagine higher education in India. These programmes will be supported alongside Masai’s existing offering, Masai 0NE.

Speaking at the press event, Mithali Raj said, “The common thought in India is that when a woman chooses her sporting career, her personal life takes a backseat. However, with Masai, Every individual gets yet another chance to have another career option apart from sports and excel in it.”

SME lending startup ftcash secures NBFC licence from RBI

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November 8, 2022

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The Reserve Bank of India (RBI) has granted ftcash, a startup in SME lending, a license to set up a non-banking financial company (NBFC). The company hopes to provide loans totalling INR 100 crore in FY23.

Nearly 80% of all MSMEs in India lack access to funding, despite the government announcing many efforts to improve credit availability for the stressed MSMEs sector.

The lender is a part of India’s expanding fintech ecosystem and seeks to “empower over 60 million micro-merchants and small businesses.” This will be accomplished by filling the current lending gap with more readily available loans.

“The NBFC licence will allow us to bridge this credit gap while offering loans with minimal documentation along with daily repayment options via PoS with equated daily installments,” said Sanjeev Chandak, Cofounder & CEO, ftcash.

Sanjeev Chandak, Deepak Kothari, and Vaibhav Lodha founded ftcash in 2015; the company has its main office in Mumbai. The company is known for using algorithms to evaluate MSMEs’ creditworthiness and provide them with institutional financing.

“We have over 60,000 merchants in our network currently and have disbursed over INR 600 crore worth of loans till now. We expect the disbursals to grow 3X by 2023”, he added.

The company presently collaborates with Ambit, Urgo, and Northern Arc and helps them provide credit to their respective customer bases.

Ola Electric launches its in-house navigation system

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November 8, 2022

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Ola Electric has introduced its in-house navigation system, Ola Maps.

Bhavish Aggarwal, Co-founder and Group CEO, Ola took to social media to make this announcement. “We’ve made our in-house maps live on the Ola Electric website. Soon all Ola properties will run only Ola Maps. Absolutely excited about the potential to build the future of maps for India in India.”

In October of last year, Ola acquired Pune-based Geospoc, a startup offering geospatial services. Following the acquisition, the team declared it would develop new geo-location technologies.

“New mobility will see profound changes in the way people move. New vehicle form factors and modes of transport will transform our day-to-day lives. These fundamental changes will require investments in next-gen technologies, including location and geospatial technologies, and advancements in satellite imagery conversion into real-time maps as well as 3D, HD, and vector maps,” Bhavish had said during the acquisition.

Ola currently provides navigation based on MapMyIndia.

Reports state that the Indian government has been promoting using its homegrown navigation system, NavIC (Navigation with Indian Constellation).

Since its launch in 2018, NavIC has been developed by ISRO. It is used in India to track public vehicles, provide emergency warning alerts to fishermen, and track and provide information about natural disasters.

The government has asked smartphone manufacturers to start selling new devices that use NavIC from next year, but players have asked for an extension until 2025.

All public and commercial vehicles must now be equipped with NavIC-based, AIS-140 compatible vehicle trackers under a mandate from the Ministry of Road Transport and Highways (MoRTH).

Greencell gets $55mn financing to develop e-buses in India

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November 7, 2022

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Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), and Clean Technology Fund (CTF) have provided $55 million in financing to electric bus manufacturer GreenCell Express to develop 255 battery-powered electric buses (e-buses).

Additionally, it will receive grants totalling $325,000 from the Climate Technology Fund (CTF) and $5.2 million from the Climate Innovation and Development Fund of Goldman Sachs and Bloomberg (CIDF). According to the announcement, the decarbonization of 100 e-buses using solar power and battery energy storage systems will be partially funded by this CIDF grant.

Over 600 e-buses are currently in operation across 21 cities as part of GreenCell’s 1,400 e-bus projects implemented in Maharashtra, Gujarat, Uttar Pradesh, New Delhi, and Madhya Pradesh. Also, it plans to serve 5 million people annually on 56 intercity routes around India. It wants to increase passenger safety by adding new security systems like cameras, tracking, and panic buttons connected to command controls for quick response.

“With GreenCell Express Private Limited (GEPL) offering, we bring to the intercity bus travel segment electric buses that reinforce safe, seamless travel experience for new age Indian travellers, especially our women,” said Sumit Mittal, Chief Operating Officer (COO) & Director- Finance, GreenCell Mobility.

GreenCell Mobility Private Limited (GreenCell), a platform company of Green Growth Equity Fund (GGEF), owns all of the shares of GEPL. GGEF is an Indian alternative investment fund run by EverSource Capital to attract institutional funding for the country’s green infrastructure.

“Electrifying transportation is a key driver of reducing greenhouse gas emissions in our cities. This funding accelerates our agenda of promoting and investing in clean and sustainable businesses in India to achieve India’s climate objectives and Sustainable Development Goals,” said EverSource Capital Managing Director and Chief Executive Officer (CEO) Dhanpal Jhaveri.

Qatar Islamic Bank launches Samsung Wallet to customers

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November 7, 2022

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Qatar Islamic Bank (QIB) launched the Samsung Wallet on Monday, a secure and easy-to-use mobile payment service for all QIB debit, credit and prepaid cardholders owning Samsung devices.

Zawya reported that Samsung Wallet offers a secure method for making e-payments and supports contactless payments at any store in Qatar and abroad. Instead of repeatedly entering their credit card information, customers can pay online with Samsung Wallet at the checkout.

Users can also add up to 10 payment cards, including debit, prepaid, and credit cards, to their Samsung Wallet. The wallet is a safe way to make payments because the card number is not stored on the mobile device.

D. Anand, QIB’s General Manager of Personal Banking Group, said, “We are pleased to introduce a secure and convenient mobile payment solution that enables customers to turn their devices into digital wallets. Samsung Wallet is the latest addition to the host of our mobile payment solutions and an important step towards the evolution of payment options, contributing to Qatar’s efforts to achieve a cashless society and offering our customers more convenience when shopping or dining.”

“As smartphones and smartwatches are quickly replacing cards, we are excited to now offer our customers the choice of using Samsung Wallet for making online payments and wherever contactless payment is accepted,” he added.

For use with the Samsung Wallet on smartphones and smartwatches, every device needs to have Android 9 or above installed.

Kotak Mahindra Bank to hire 20 investment bankers in a bet on M&A recovery

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November 7, 2022

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Kotak Mahindra Bank’s investment banking arm plans to expand its operation by hiring about 20 bankers, betting on a rebound in deals activity next year.

According to S Ramesh, managing director and chief executive officer of Kotak Investment Banking, the addition would grow the company’s 80-person investment banking arm by 25%. He said the company is looking to recruit roles from analyst to director levels in various industries, including technology, health care, and financial services, where international firms like Amazon.com Inc. and Walmart Inc. may be searching for investment opportunities. Renewable energy and electric cars might also be attractive.

“We expect global strategic companies to start firing the engine to consolidate their businesses in India across diversified sectors,” Ramesh said in an interview in Mumbai. “We expect the 2023 M&A volumes to overtake that of 2022.”

According to data from Bloomberg, India has seen pending and completed agreements totalling $168 billion this year, on track to set an annual record. The $58 billion all-stock acquisition of Housing Development Finance Corp. by HDFC Bank Ltd. was the leading cause of the spike. The local cement company of Holcim AG was acquired for $10 billion, the second-largest acquisition in the country this year, by India’s richest man and the third-richest man in the world, Gautam Adani.

According to Ramesh, financial investors who are prepared to make higher acquisition-related payments could also increase the number of deals done in India. He noted that conglomerates aim to consolidate to position themselves for future growth, while new generations running family-run businesses are more willing to sell.

Kotak Investment Banking predicts that in terms of initial public offerings, as much as RS 750 billion ($9 billion) might be raised in 2023. According to data from Bloomberg, companies have raised approximately $5.8 billion through first-time share sales in India this year, headed by Life Insurance Corp. of India’s $2.7 billion offering.

“I expect 2023 to be a much better year for IPOs, driven by peaking of interest rates hikes, inflation and local pools of money coming into Indian offerings,” Ramesh said. “India has the potential to stand out amid the global headwinds.”

According to its website, Kotak Investment Banking provides services like private equity advisory, M&A advisory, and equity and debt capital market issuance. The company advised KKR & Co. in a $1.1 billion block trade of a share in Max Healthcare Institute Ltd., the largest hospital chain in India, held through an affiliate. Additionally, Kotak was one of the ten advisers in charge of the largest-ever IPO in Indian history, the LIC IPO, which took place in May.

Go Fashion (India) Q2 Reports: Firm reports PAT at Rs 19.3 crore

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November 5, 2022

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Go Fashion (India) Ltd, the company that owns the popular womenswear brand “Go Colors,” reported that its profit after tax for the second quarter ending September 30, 2022, was Rs 19.3 crore, up 3.76 percent. The company reported an after-tax profit of Rs 18.6 crore for the same quarter the year before.

According to the company, the total revenue for the reviewed quarter was Rs 165.8 crore against Rs 112.1 crore for the corresponding quarter last year. Compared to the previous year’s period, the cash flow from operations for the six months ended September 30, 2022, was Rs 36 crore compared to 8 crores.

The company clarified that the COVID-19 enforced lockdown impacted the second quarter and half-yearly performance in the previous financial year.

Commenting on the financial performance, Go Fashion (India) Ltd CEO Gautam Saraogi said, “despite a challenging environment, the company has performed well in Q2 and first half of FY 2022-23. Our revenues for the second quarter grew by 48 per cent year on year to Rs 166 crore highest ever quarterly revenues at Go Fashion.”

“EBITDA (Earnings before interest, taxes, depreciation and amortisation) grew by 250 per cent to Rs 102 crore and PAT stood at Rs 44 crore (for the half year ending September 30, 2022). This has been on the back of high volume growth and improved product portfolio by continually adding new products across all bottom wear categories”, he said.

“We continue to invest in brand-building initiatives which will help us to gain visibility and also to focus and grow our online sales channels to benefit from evolving customer trends in our market,” he said.

Saraogi highlighted that the company was expanding by opening 120–130 new stores yearly.

“We are also looking at omnichannel engagements for a seamless consumer experience, building on a technology-driven growth strategy to reach consumers across all cities,” he said.

The company added 66 stores in the first six months of the fiscal year after opening 36 new stores during the quarter that ended on September 30, 2022. “This is in line with the growth strategy to open more doors closer to the consumer.” he said.

SaffronStays collaborates with MakeMyTrip for its annual campaign

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November 5, 2022

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For its annual mega campaign, “Jaisi Zaroorat Waisa Stay,” Make My Trip (Go-MMT) has teamed up with India’s leading alternative accommodation network, SaffronStays. It was only apt to shake hands with a national player like Go-MMT as a brand that exclusively manages more than 250 private villas across all categories. SaffronStays offers more than 250 homes across Maharashtra, Himachal Pradesh, Uttarakhand, Goa, Rajasthan, Kerala, Karnataka, and Tamil Nadu, including 113 pet-friendly homes, 129 affordable homes, 42 ultra-luxury homes, and more.

Joining together with a company like SaffronStays as one of India’s leading OTA platforms solidifies its efforts to advance alternative accommodations in the market. Numerous marketing studies have uncovered a crucial marketing insight concerning the consumption of alternative accommodations in this country. People frequently reserve a villa based only on their specific requirements for that stay.

Says Deven Parulekar, founder, SaffronStays, “You may be in your younger days, going out with your colleagues and splitting the bill. For such stays, you need a luxurious, Gatsby-style villa which is very Instagram-friendly. But when you’re going with your family, your ask is very different – maybe you want a senior-citizen-friendly home, a pet-friendly home, or even a child-friendly home. It is the same you, but at different stages of your life. The same individual thinks differently when with different people.”

SaffronStays has also noticed that people always make reservations for special events, such as college reunions, farewell parties, milestone birthdays, wedding proposals, girl’s getaways, B-School peer get-togethers, road trips, pre-wedding showers, or even intimate wedding celebrations. Sometimes all you want to do is get together with your friends and spend some quality time together, or you want to take your pet on vacation.

Adds Parulekar, “Pre-Covid, when we were a network of only 50-70 homes, it was easy to market each home to the guest. Now that we have 250+ homes across the country, we realized we had to slice and dice the market and present different categories of offerings to different people in different phases of their life for different occasions. MMT’s ‘Jaisi Zaroorat, Waisa Stay’ campaign fits perfectly in our game plan, and we decided to jump the gun and partner with them after they shared the same insight.”

BOI to raise up to ₹2,500 cr via bonds

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November 5, 2022

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The state-owned Bank of India announced that it would issue bonds to raise up to Rs 2,500 crore. According to a regulatory filing, the lender’s board approved raising Tier-1 capital by issuing Basel-III compliant extra tier-I (AT-I) bonds up to Rs 2,500 crore.

The bank added that the capital would be raised in one or more tranches.

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