Fintech Startup SaveIN raises additional $1.1 million in extended seed round

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May 27, 2022

SaveIn, a fintech startup, has raised $1.1 million in a seed round led by Bayhouse Capital, bringing its total investment to over $5 million.

In April, the Gurugram-based business raised $4 million (about Rs 30 crore) in a seed round from existing backer, Silicon Valley’s famed accelerator Y Combinator, and others such as 10X Group, Leonis VC, and Goodwater Capital.

In April, Nordstar, Rebel Fund, Pioneer Fund, Soma Capital, and SCM Advisors joined the funding round.

The company had stated that it would use the funds to develop its product, hire people, and invest in branding.

The extended capital raised will be used primarily for product development.

SaveIn was founded in 2020 by Jitin Bhasin, Anurag Varma, and Gaurav Luthra to meet the requirements of patients by providing zero-cost equivalent monthly instalments (EMIs) throughout its network of healthcare providers.

The startup covers outpatient services and elective healthcare procedures like dental, eye care, veterinary, dermatology, hair care, and fertility.

“This is a testimony to our vision of creating India’s largest integrated healthcare ecosystem powering access, quality and affordability in private healthcare,” Bhasin said.

The company currently offers its instant zero-cost EMI products to over 600 healthcare providers across 15 cities, it said.

“The buy-now-pay-later segment in healthcare is huge and we at SaveIn have grown over 15 times in revenue…this is reflective of strong signs of early product-market fit and we are confident of revolutionizing how Indians consume healthcare products and services,” Bhasin said.

Cisco introduces cybersecurity assessment tool for SMBs in APAC region

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May 26, 2022

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Cisco announced on Thursday that it has launched a cybersecurity assessment tool for small and medium enterprises (SMBs) in Asia Pacific region to help them better understand their security posture.

According to Cisco, the new online tool examines each organization’s “cybersecurity readiness” via the lens of “Zero Trust,” the concept that all efforts to access an organization’s network architecture are denied unless trust can be verified.

When a user uses a device to access an application, both the user and the device are confirmed, and that trust is continually checked. This helps protect the organization’s applications and environments from unauthorized access from any person, device, or location.

The tool evaluates an organization’s readiness in six areas of zero trust – user and identity, device, networks, workload (applications), data, and security operations – and compares the results to industry standards.

The paper also includes personalised suggestions on technologies and solutions that can help boost an organization’s overall security posture and preparedness in a hybrid work environment, where applicable.

“Going forward, SMBs must ensure end-to-end protection across their workforce, workloads, and the workplace and adopt a zero-trust strategy to manage and strengthen their cybersecurity posture in a cloud-first world,” said Anand Patil, Senior Director, Systems Engineering, Cisco India & SAARC.

According to a Cisco report, moreover half (62%) of SMBs in India suffered cyber incidents in 2021, with cyber-attacks costing more than Rs 3.5 crore to their businesses.

During the same period, three out of four (74%) SMBs in India had cyber incidents, with 85% of customer information being lost to bad actors and a tangible impact on the company. According to the survey, the most common reason for these mishaps is that cybersecurity solutions aren’t up to the task of detecting or preventing the attack.

Phoenix Mills’ net profit increases 101%, income up 28% in FY22

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May 26, 2022

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For the quarter that ended March, The Phoenix Mills, a retail-led mixed-use asset developer and operator, announced a 101% year-on-year increase in net profit of Rs 116.7 crore. For the quarter, operating income increased by 28% to Rs 495.4 crore.

The company made a net profit of Rs 263 crore in the financial year 2021-22, owing to an increase in revenue of 38% to Rs 1,483 crore.

Operating profit for the quarter increased by 39% to Rs 241 crore, and for the fiscal year, it increased by 49% to Rs 734 crore.

During the quarter, retail consumption at its malls was roughly Rs 1,669 crore, up 103% from the fourth quarter of 2018-19 (pre-Covid period). In 2021-22, total consumption was Rs 5,011 crore, up 71%. The company added that total consumption in April 2022 was Rs 720 crore, up 129% from April 2019, and that the robust consumption growth trend has persisted so far in May 2022.

The total retail collection for the year was Rs 1,170 crore, with the March quarter being roughly Rs 476 crore.

The company has finalised the acquisition of the remaining 50% ownership in Classic Mall Development Company (Phoenix Marketcity Chennai) for Rs 936 crore, making Classic Mall a wholly-owned subsidiary of Phoenix Mills Ltd as of May 5, 2022.

Hustlers Hospitality acquires stake in My Cloud Kitchen to expedite their growth

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May 25, 2022

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Hustlers Hospitality, a cloud kitchen franchise company, has purchased a 31% stake in My Cloud Kitchen, a cloud kitchen consulting firm that provides end-to-end support to aspiring foodpreneurs with core services like brand design, kitchen setup, licencing, marketing, and franchise solutions for dark kitchen and QSR businesses. The current market value of My Cloud Kitchen is USD 1.3 million.

Krunal Oza, founder & CEO of Hustlers Hospitality, said, “This strategic investment helps to expand the operations of both the businesses; Hustlers Hospitality & My Cloud Kitchen, and serve the cloud kitchen market in a better way by taking leverage of our existing clientele network and already existing kitchens of My Cloud Kitchen across India.”

Be My Partner is Oza’s other proprietary campaign, and it gives a franchise chance to aspiring entrepreneurs who want to break into the world of branding and digital marketing with a profile to build franchise potential as well as Hustlers Hospitality’s renowned food and beverage brands.

Grip introduces startup equity investment for small investors

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May 25, 2022

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Grip, an alternative investment platform, announced the launch of a startup equity product in cooperation with Securities and Exchange Board of India (Sebi)-registered Alternative Investment Funds (AIFs). Users will be able to contribute as low as Rs. 2 lakh to the startup ecosystem.

Individual investors will be able to invest alongside venture capital funds and strategic investors in startups as part of Grip’s curated deals.

“The platform will provide the detailed necessary information (such as company profile and performance, timelines, key investment highlights and risks, etc.), based on which its users can make an informed decision,” the company said in its statement.

It added that it is only an investment medium and does not offer any advice on the opportunities listed.

“With more than a 250,000-strong investor community and partnerships with more than 80 companies, we find ourselves in a unique position. We can successfully play the role of a discovery and technology platform for such opportunities for individual investors that could generate attractive returns. At the same time, we can closely monitor the listed opportunities on a month-on-month basis and evaluate their performance and help them connect with AIFs to raise their required capital,” said Nikhil Aggarwal, founder and CEO, of Grip.

Grip will only list deals on the platform in which the funding round is led by a trusted venture capital fund or strategic investor who conducts due diligence and agrees on a valuation; Grip’s users participate along with such an investor, and the fundraising is carried out through a Sebi-registered AIF.

“We are happy to partner with Sebi-registered AIFs which help high performing companies in raising capital and provide our users access to unique opportunities to participate in such companies’ growth plans. Continuing to ride on last year’s momentum, the startup ecosystem mopped up record-breaking funding deals in the first quarter. We hope to provide our retail investor community to be a part of this growing ecosystem with our new product,” said Vivek Gulati, Co-founder, and COO, of Grip.

Mukunda Foods, a food robotics company that just raised funds from Zomato, was the first opportunity on the platform made open to small investors.

“My suggestion would be that everybody should allocate some part of their investment portfolio to alternative investments whatever they are comfortable with, whatever their risk appetite is but before you can run you must walk,” said Anupam Mittal, founder, People Group and Angel Investor during the launch of this feature. “There is an incredible future in Indian entrepreneurship, and I think angel investing is one way to participate in that. And that’s what I do, I do no public investing, I do 100% of my investing in early stage companies, yes I know its high risk but I am not recommending that for everyone.”

Zoho invests ₹20-cr in deep tech startup Genrobotics

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May 25, 2022

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Genrobotics, a Kerala-based startup developing robotics and artificial intelligence (AI)-based solutions for social issues such as hazardous working conditions, has received a 20 crore investment from Chennai-based unicorn Zoho Corp.

The investment, according to Zoho, would enable Genrobotics in its objective to eliminate manual scavenging in India and offer safety and dignity to sanitation and oil and gas workers.

This investment is by Zoho’s objective to help the country build a deep-tech ecosystem.

The Bandicoot robot, touted as the world’s first robotic machine to clean confined places including sewer manholes, sewer wells, storm water manholes, oily water sewers, and storm water sewers in refineries, is Genrobotics’ primary offering.

Bandicoot robots are currently being used in 14 states including smart cities, refineries, multinational enterprises, townships, and housing colonies to eliminate the requirement for human entrance into manholes.

Genrobotics has just entered the healthcare industry with the debut of G Gaiter, a robot-assisted gait training system designed to help patients with paraplegia recover through improved rehabilitation experiences.

Genrobotics products are created and manufactured entirely in India as part of the Make in India initiative.

“Nurturing a thriving deep-tech ecosystem in India is one of Zoho’s priorities, and the investment in Genrobotics is a continuation of that commitment,” said Sridhar Vembu, chief executive officer and co-founder of Zoho.

“Building such technological competencies and critical know-how locally can help foster sustainable growth across key sectors, like industrial manufacturing, healthcare, and energy, in turn making the country economically stronger and self-reliant. Making this a reality requires focused, long-term investments that support home-grown deep-tech startups through intensive R&D and engineering phases, and enable them to bring their ideas to the market. Looking at how far they have come already in this journey, Genrobotics’ vision resonates with us at Zoho and we are happy to fast-track their efforts and support them in their mission to end manual scavenging,” Vembu added.

Vimal Govind MK, chief executive and co-founder of Genrobotics, believes India will need more than one lakh robots to end manual scavenging in the country. “As we scale to fill the need gap, we estimate creation of nearly five-lakh jobs across the country. The investment from Zoho will help us to expand our advanced R&D infrastructure, build large-scale production facilities, hire more talent, increase our exports to ASEAN markets and expand our global footprints.”

Hilton signs new hotel with CKR Resorts Hyderabad

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May 24, 2022

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Hilton Hotels has announced that it has signed an agreement with CKR Resorts to launch its flagship brand, the Hilton Hyderabad Resort & Spa, in Hyderabad.

The business said it continues to develop its footprint in India, where it already manages 24 hotels, including seven Hilton Hotels & Resorts locations.

Navjit Ahluwalia, senior vice president and country head of the firm in India, said, “I am thrilled to announce the signing of Hilton Hyderabad Resort & Spa. We actively explore strategic opportunities to deploy our brands across the country and this signing reinforces our presence in the southern region of India. We are pleased to partner with CKR Resorts and bring our world-class hospitality to our guests in Hyderabad. I am confident that when the hotel opens, it will be a preferred destination for all travellers.”

Srinivas Chintala Reddy, director of CKR Resorts, said, “We are excited to partner with Hilton – one of the leading hospitality companies in the world – to bring the international hotel experience to the state of Telangana. Hyderabad is a city which attracts international and domestic travellers because of its historical and cultural relevance, and we are confident that we will be able to offer guests world-class hospitality through this partnership.”

The resort is located in Genome Valley, a high-tech commercial hub focused on pharmaceutical research and development, in Shamirpet, Hyderabad. There will be 115 rooms and 13 villas on the property.

Blox buys realty advisory firm Plinthstone for $1.5 million

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May 24, 2022

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Blox, a tech platform to facilitate the home-buying journey, has bought real estate advisory firm Plinthstone REMA for USD 1.5 million.

Plinthstone, a real estate advising firm launched in January 2021, has completed four mandates totaling over Rs 200 crore in sales volume.

“Plinthstone’s team that is servicing these projects will now be integrated into Blox,” the company said in a statement.

Blox did not disclose the deal value. However, the market sources said that it is around USD 1.5 million.

Blox has over 300 developers on its platform and is now working on 700 projects in Mumbai and Thane.

Aditya Jhaveri founded Blox to simplify the home-buying process. Blox, which is backed by Tinder founder Justin Mateen and other prominent Silicon Valley investors, allows homebuyers to explore completely verified inventory directly published by developers on the platform.

Aditya Jhaveri, Founder & CEO of Blox, said: “Plinthstone is our first acquisition and brings us one step closer towards achieving our goal of being the biggest and best home buying ecosystem in India.”

“We are using technology to bring e-commerce-type functionality to the home buying process and build trust and transparency with homebuyers. We want to serve millions of Indians in buying their homes over the next decade,” he said.

SILA buys Forbes Facility Services from Shapoorji Pallonji Group

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May 24, 2022

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A real estate platform, SILA has purchased Forbes Facility Services from the Shapoorji Pallonji Group in an all-cash deal, the company said in a media release.

SILA’s facilities management services division will boost its footprint in North India and expand its service offerings to include catering due to this acquisition.

Rushabh Vora, co-founder & CEO of SILA, said, “This deal will also help expand our portfolio within the high-growth sectors of Industrial, Manufacturing & Warehousing across India.”

According to the firm, the combined entity would generate over ₹600 crores in revenue this year and manage over 100 million sq ft of real estate with 15,000+ employees across India.

Jujhar Group to hire over 1000 employees this financial year

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May 23, 2022

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Jujhar Group has announced plans to hire over 1,000 employees across its offices within the current financial year. The self-funded business already employs over 3,000 people and plans to expand its workforce in India.

The company will look for expertise in technology, sales, and marketing. According to a statement, growing teams unlock development velocity through ground-up innovation, assisting with adopting external technology solutions, mergers and acquisitions, and improving experimentation.

Gurdeep Singh, Founder & Chairman, Jujhar Group, said, “It has always been because of our employee’s dedication and hard work that we have effortlessly achieved what we forecasted for our team. The group has been actively working towards creating a path for inclusivity and diversity. We are looking to rapidly grow our team and generate employment. Our priority will always be to get people who can grow with us, the way we have grown with this organization.”

Pramod Kumar, Head of HR, Jujhar Group, said, “At Jujhar, we thrive with our employees and feel that it is essential. We have invested a lot of time and thought to recruit a highly engaged team that is rallied around the vision to empower our stakeholders and be trustworthy and dependable. The organization is seeking people with similar principles and interests to help them make decisions that will help them achieve their goals.”

“Our priority has always been to choose someone who can lead and advance the company. Jujhar Group’s idea of empowering businesses and accelerating secure growth will be emphasized by the new recruit,” added Kumar.

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