Enzene Biosciences secures $50mn from Alkem Laboratories and others

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January 30, 2023

Biotech company Enzene Biosciences Ltd (Enzene), a subsidiary of Alkem Laboratories, has raised $50 million from Alkem Laboratories, Eight Roads Ventures, and F-Prime Capital.

The company plans to use the funds to improve manufacturing capabilities and foster expansion in the US and India.

“We are thrilled to be partnering with Alkem Laboratories and Enzene to build a global biosimilars and biologics powerhouse out of India,” said Dr Prem Pavoor, Senior Partner, Head of India & Healthcare Investments, Eight Roads Ventures.

According to a statement, Enzene, based in Pune, has established fully integrated biotech process development and manufacturing capabilities across numerous modalities and platforms. It has developed a captive pipeline of biosimilars that have been distributed through out-licensing agreements to pharmaceutical firms operating on a global scale. Additionally, it offers biotechnology companies with full-range contract development and manufacturing services.

Enzene provides various biologics services, including the capability to develop clones and implement good manufacturing practices (GMP), all supported by bioreactors with capacities ranging from 20 to 2,000 litres. Biosimilars, new biologics, synthetic peptides, and phytopharmaceuticals are its main product categories.

Enzene Biosciences Ltd. CEO Dr Himanshu Gadgil hoped to continue on the company’s mission to deliver innovative and affordable biomanufacturing for novel biologics and biosimilars globally.

Content management platform Rigi raises $12 million

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January 25, 2023

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Rigi, a community monetization and management platform for content creators and influencers has raised Rs 100 crore (approximately $12.25 million) in a fresh round of funding led by Elevation Capital. The Series A round extension included participation from previous investors Accel, Stellaris, and Sequoia.

New angel investors include cricketer Mahendra Singh Dhoni, CRED Founder Kunal Shah, NoBroker Founder Amit Agarwal, Country Delight Founder Chakradhar Gade, and finance content creator Sharan Hegde, among others, also participated in the round.

Rigi has now successfully raised $25 million in three rounds of funding. It had previously raised $10 million in a Series A round of funding in April 2022.

The startup plans to expand its reach to new content categories and geographies with fresh capital. Currently, it focuses on gaming, skill training, health, and fitness, and it launched in Indonesia three months ago.

Rigi offers access to various tools, including subscription management, paid workshops, live one-to-one classes, and integration with platforms like Telegram and WhatsApp.

“Generation one platforms like YouTube, Twitter, etc., have done their job well by giving a distribution platform to creators. Platforms like Rigi will help these creators monetize their distribution. We are not focused on more users or business,” said Swapnil Saurav, Co-founder of Rigi.

Rigi charges a commission on the course fee from the content creators. The courses include webinars with both pre-recorded and live content, with 60% of the platform’s content being recorded and hosted on Rigi’s servers for paying users. The platform typically works with creators with more than 50,000 Instagram or YouTube followers.

Nazara Technologies delivers 80% YoY revenue growth and 22% PAT growth in 9MFY23 on back of sustained momentum in the business

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January 25, 2023

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Q3FY23 Revenues up 69% YoY and PAT up 31% YoY

January 24, 2023:- Nazara Technologies Limited (BSE: 543280) (NSE: NAZARA) a diversified gaming and sports media platform announced its un-audited Standalone and Consolidated results for the quarter and Nine Months ended 31^st December 2022.

The company delivered strong growth powered by growth across all major segments.

Revenue rose by 69% to Rs. 3,148 Mn (Rs. 314.8 Cr) as against Rs. 1,858 Mn (Rs. 185.8 Cr) in Q3FY22.

Commenting on the 9MFY23 performance, Nitish Mittersain, Founder, CEO & Jt MD of Nazara Technologies stated:

“The business continues to scale profitably as has been our stated goal to deliver long term compounding across our five key business verticals. Our diversified business across multiple geographies allows us to have various levers of growth and mitigate industry headwinds affecting any one segment.

I am happy to note that we have grown 80% YoY in the first 9 months of FY23 backed by profitability and positive cash flows. This performance helps set a strong foundation for our future growth plans.

Particularly in this quarter, it is heartening to see our flagship product for young children “Kiddopia” come back onto a growth path as well as our recent acquisition Datawrkz deliver strong organic growth of around 55% YoY.

I look forward to the continued support of all our stakeholders as we continue to pursue our long standing commitment of Nazara playing a significant role in India’s journey towards becoming a global gaming powerhouse.”

PrepLadder launches learning categories for post-graduate medical aspirants

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January 24, 2023

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Unacademy-owned online learning platform PrepLadder has announced the launch of Dream Team Next Edition, a team of educators, and QBank Next Edition, an advanced exam preparation tool.

While QBank Next Edition will enable students to explore the nuances of evaluating their preparation closer to the exams in the Nation Exit Test (NExT) exam format, Dream Team Next Edition comprises faculty members from various medical specializations who will curate learning experiences for aspirants.

With over 2.5 lakh active learners on the platform, PrepLadder plans to provide a next-generation learning experience for postgraduate medical aspirants in compliance with the NExT syllabus through Dream Team Next and QBank Next.

Dr Rajesh Koushal (anatomy), Dr Preeti Sharma (microbiology and pathology), Dr Deepak Marwah (medicine), Dr Meenakshi Bothra (paediatrics), Dr Pritesh Singh (surgery), Dr Prassan Vij (OBG), Dr C Shanmugapriya (biochemistry), and Dr Nikita Nanwani (radiology) are a few instructors from Dream Team Next.

“We hope to further enhance the learning experience through best-in-class study materials like the Qbank Next Edition curated by India’s top faculty,” said Deepanshu Goyal, CEO, and Co-founder, PrepLadder.

The start-up provides medical PG and NEET aspirants with a streamlined learning experience through engaging videos. The company claims that over one million tests have been run on its platform, which has seen over five million app downloads.

According to reports, the platform has not been able to register enough students to start an institute, not even in one location. Neuros was scheduled to launch in at least 10 cities in January, but Unacademy has reportedly postponed it to March.

Nona Lifestyle aims to reach Rs 1,000 crore revenue

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January 24, 2023

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Nona Lifestyle, a B2B-managed marketplace for soft furnishings and custom corporate merchandise, aims to reach Rs 1,000 crore in revenue.

According to Hari Mishra, co-founder of Nona Lifestyle, the company initially focused on developing its domestic business. “Within two years of launch, we have expanded operations to Ahmedabad, Ludhiana, and Siliguri to meet demand across India and added well-known brands such as Zomato, Oyo Rooms, Delhivery, and Treebo Hotels in our portfolio,” said Mishra. “Eventually, in 2019, we expanded our presence in the UAE and registered a mainland company in Dubai with the name KYBR Textile Trading LLC,” he said.

The company recognized the importance of technology in 2020 since it would automate the supply chain, offer reliable data, and benefit its customers and suppliers. To achieve this goal, the company developed tech architecture with seed funding of Rs 3.5 crore from LC Nueva.

The textile market is highly fragmented, so multiple modules must be created to give consumers real-time data and automate the supply from the backend. The company claimed that it raised Rs 11 crore in Pre Series A with LC Nueva and other HNIs while considering these goals.

“We are delighted to share that with the support of our investors and our hard working team, we have been able to generate a revenue of Rs 508 million till date,” said Mishra. “For the current fiscal year, we are projecting growth at 6x pace with a target revenue of Rs 150 crore,” said Mishra. “When it comes to our white labeling business, our plan is to create a structured market around the globe and be able to export to 35-40 countries in the near future.”

Proptech startup Landeed raises $8.3mn in a seed round

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January 24, 2023

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Landeed, a Bengaluru-based proptech startup, has raised $8.3 million in a seed round led by Draper Associates, Y Combinator, and Bayhouse Capital.

The funds will be used to strengthen the company’s technological infrastructure and bring in fresh talent.

Sanjay Mandava, ZJ Lin, and Jonathan Richards founded Landeed in 2022 to provide users with access to land documents and property title searches for a nominal fee.

“We built a standardized interface simplifying the multiple search methods across states into an intuitive and fluid user experience. This unique proposition has led our team to witness impressive revenue growth,” said Sanjay Mandava, CEO and Co-founder of Landeed.

Landeed reported receiving 1.7 million searches for land titles across the seven states it operates in within four months of its launch.

Landeed offers multiple other data points on a single screen in addition to land documents, including guideline values and an Encumbrance Certificate—a document that certifies, among other things, that the property in question is free from any monetary or legal disputes.

Battery startup Log9 secures $40mn in a Series B round

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January 23, 2023

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Log 9 Materials, a deep-tech battery startup, has raised $40 million in a Series B fundraising round led by Amara Raja Batteries and PETRONAS Ventures.

Other prominent investors like Western Capital Advisors, Incred Financial Services, Unity Small Finance Bank, and Oxyzo Financial Services also participated in the round, a mix of equity and debt.

With the fresh capital, the startup will be able to commission India’s first fully integrated Lithium-ion cell production line and expand its battery manufacturing capacity to 2 GWh by the end of 2024. To further develop cell and battery technology stacks, about Rs 100 crore would be invested.

“Log9 has always been invested in providing its customers with the most sophisticated and efficient batteries, based on both LTO and LFP lithium-ion technologies,” said Founder and CEO Akshay Singhal.

“As a battery technology pioneer, we foresee these investments to cement our position as a leader in the commercial EV space and to expand into stationary battery sectors such as power backup and grid storage. We will also be aggressively pursuing pilots in overseas markets over the next few quarters, with a particular focus on the tropical belt,” he added.

Akshay Singhal, Kartik Hajela, and Pankaj Sharma founded Log9, an indigenous deeptech and advanced battery-tech startup, in 2015. The company sells fast-charging batteries that it says have higher performance, last longer and safety.

“Log9’s progress in the field is significant in meeting India’s growing aspirations in the energy and mobility space. Battery manufacturing is the most critical part of the value chain that needs to be localised, and batteries designed in India for India will pave the way,” said Vikramaditya Gourineni, Executive Director of Amara Raja Batteries.

CBC Japan, Grip Invest Advisors, Cornerstone Venture Partners, LO Funds, Oxy Capital, and other major angel investors are also backing it.

“Log9’s approach to the future of energy continues to excite us and strongly aligns with the investment priorities of PETRONAS Ventures. This partnership will further enhance PETRONAS’ expansion in the new energy and green mobility sectors,” said Arni Laily, Head of PETRONAS Ventures.

Additionally, the startup has invested in emerging startups and organisations, including Chara Technologies. The founders have each invested in Climes, Metastable Materials, Loopworm, Praan.io, and TSaw.

Fire-Boltt announces its entry into Southeast Asia market

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January 20, 2023

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Fire-Boltt announces its entry into the Southeast Asian market. To launch its operations in Singapore and Vietnam, the company has partnered with SmartechSG Private Limited.

The move is a part of Fire-Boltt’s plans for growth and expansion globally. Fire-Boltt recently expanded into the UAE market, where the entire line of its products was met with a phenomenal response.

Speaking about the announcement, Arnav Kishore, Founder & CEO at Fire-Boltt, said, “International expansion has always been one of the priorities of Fire-Boltt, especially now with the start of home-grown production under “Make in India” initiative”. This is a proud moment for an Indian brand to be available in international markets to serve consumers across the globe. The kind of response we have received from our customers is overwhelming which helps us work even more aggressively toward innovation and fulfilling the needs of the consumers. We look forward to achieving bigger milestones in the near future.”

Adding to the excitement, Aayushi Kishore, Co-Founder, Fire-Boltt, said, “We are thrilled to announce our expansion into the South Asian market. We have handpicked our top-selling products like Visionary, Invincible, etc., in line with the research we carried out in these markets. We have also carried out changes to the display screen, language availability, marketing messaging & even packaging to be suitable for each of these markets. Going by the phenomenal response we have received so far; we are encouraged to expand further in the South East Asia and the APAC region. We are also working actively on consumer feedback for design principles from some of these markets to bring in the best for our customers in India and globally.”

Commenting on the launch, SmartechSG Pte Limited said, “We are proud to be chosen by Fire-Boltt to launch its South-East Asia operations. This global smartwatch brand gives customers excellent options of feature-rich smartwatches at unbeatable price points.”

Fire-Boltt has successfully launched over 70 smartwatches in the past 12 months. The Indian market responded incredibly well to its recently released smartwatches, Gladiator and Supernova. Within a few hours of their launch, both smartwatches ran out of stock.

BharatPE begins hiring amid mass layoff by major tech firms

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January 20, 2023

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BharatPe, a fintech platform, invited applications for the role of product managers at a time when the internet is flooded with heartfelt messages of employees fired as part of a mass layoff program at big tech companies.

BharatPe’s Chief Product Officer, Ankur Jain, shared the details of hiring on LinkedIn. “My company BharatPe is hiring product managers for all roles. If you are interested in working at the cutting edge of fintech, please consider BharatPe. Email us at producthiring@bharatpe.com.” said Ankur Jain in his post.

Ankur Jain added in his post that the company is expanding and has recently completed transactions totaling $25 billion. The company has disbursed around $1 billion worth of loans, and in the past year, revenues have increased thrice. From $100 million ARR at the beginning of 2022, company revenue has increased to $300 million ARR. He also informed about the company’s plan to go IPO next year.

In his post, he acquainted the people with the payment platform’s work environment and the challenges they will be focusing upon. He said the employees would be required to work on issues such as the next-gen payment platform, best-in-class fintech products, AI/ML-based lending platform, credit risk modelling, loyalty platform, IoT devices, etc.

He further mentioned that the workers will also get to work on new products that are now being developed stealthily.

Wayfair to lay off over 1,000 employees

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January 20, 2023

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In the technology industry, layoffs have increased since 2022. Many companies, including Microsoft, Amazon, Twitter, Meta, and Ola, have recently laid off many employees and reduced the number of job openings.

A person familiar with the situation, speaking on anonymity, told Bloomberg news that another such company, Wayfair Inc., has also announced a wave of job cuts, adding that more than 1,000 employees will lose their employment.

According to the source, the company announced job layoffs in August last year, totaling about 870 employees, or about 5% of its global workforce. According to Bloomberg, the online home goods retailer had battled with declining sales for more than a year after seeing a revenue boom in the early stages of the pandemic when US consumers spent money fixing their homes.

In the last 12 months, shares of Wayfair have fallen by nearly 75%.

The cuts come as the company struggles with the slow growth of its online business and prepares for a potential recession that could affect its consumers’ purchasing power.

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