DeHaat bags $60M in a Series E funding

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December 1, 2022

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.”

Ramada by Wyndham to open in Ranchi

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November 29, 2022

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The Ranchi-based real estate and hotel development firm Shakambari Builders Pvt Ltd has signed a franchise deal with Wyndham Hotels & Resorts to develop a new Ramada by Wyndham hotel in Ranchi, Jharkhand.

The Ramada by Wyndham Ranchi Bariatu Road is expected to open in 2025 and will be located in Rameshwaran Colony in the Bariatu Road area of Ranchi city. The hotel will have a contemporary exterior and include 66 rooms, food and beverage offerings, club facilities, meetings and banqueting spaces, and more.

“We are delighted to franchise our upcoming hotel with Wyndham Hotels & Resorts under their popular Ramada brand and bring it to the city of Ranchi and become part of its rapidly expanding hotel portfolio in India. The city has tremendous potential, and the hospitality landscape is fast evolving. We are working closely with Wyndham to build the hotel to high international standards and look forward to welcoming guests to our hotel,” said Pawan Bajaj, director of Shakambari Builders Pvt Ltd.

The hotel will employ more than 100 individuals in Ranchi with direct employment once it is operational.

TCS launches virtual quantum computing lab on AWS

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November 29, 2022

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Tata Consultancy Services launched a virtual TCS Quantum Computing Lab on Amazon Web Services (AWS) to build and test enterprise business solutions and accelerate the adoption of quantum computing. TCS plans to use the lab to develop industry solutions, set performance benchmarks for specific domains, and drive hackathons.

TCS has invested in quantum computing research for more than four years, collaborating with partners from technology providers, academia, and the startup ecosystem. This has already led to the filing of two patent applications and advancements in artificial intelligence, optimization, cryptography, and digital security. TCS also supports numerous government initiatives for quantum computing and standard bodies.

“Our customers can jumpstart their quantum computing journey by taking advantage of the investments TCS has made in this powerful technology, backed by our strong partnership with AWS,” TCS, AWS Business Unit Global Head Krishna Mohan said.

To help customers design solutions in domains like portfolio risk evaluation, secure communication ecosystems, forecasting customer behaviour, and production planning, TCS will tap on its technological expertise and use qubits.

Homesfy Realty raises $1.1mn funding from early-stage growth investors

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November 28, 2022

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The property technology firm Homesfy announced that it had raised $1.1 million from early-stage growth investors Girish Gulati, Dnyanesh Bhatavadekar, Neha Idnany, Yogesh Bagaria, and Amit Bagaria.

This funding announcement comes ahead of its expected first public offering (IPO).

The company has filed its draft red herring prospectus (DRHP) for an SME IPO to NSE Emerge. The business stated that it would use the funds to advance its plans to enter global markets and promote its expansion across several Indian cities.

The company was founded a decade ago and has its headquarters in Mumbai. It operates in four Indian cities, including Pune, Bengaluru, and Delhi NCR.

It just began the process of acquiring Mumbai-based real estate brokerage company EQServ.

“We at Homesfy, started our journey with the aim to simplify the home-buying process. With the new strengths coming in and this fund-raise, Homesfy is committed to delivering growth to its employees and investors and satisfactory services to its customers,” Ashish Kukreja, Founder & CEO at Homesfy.in & MyMagnet.io, said.

Techosmart teams up with Mo3lim for e-learning

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November 28, 2022

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TechoSmart for IT Services has partnered with the UAE company Mo3lim Electronic Educational Services to assist in developing the education system in the Kingdom of Bahrain.

According to a press release shared by Zawya, this partnership aligns with Bahrain’s Economic Vision 2030 and the digital transformation strategy.

Mo3lim and TechoSmart will collaborate on e-learning using an advanced platform that the firm will make available, according to Mr. Mohamed Alhujairi, CEO of TechoSmart. He also emphasized the significance of e-learning and how it would result in a cutting-edge, adaptable, affordable, and interactive educational system that would support conventional education.

“We share the same social and cultural values with Mo3lim, and they have shown that they have a comprehensive understanding of the region’s needs. We will work together to meet those needs and achieve our goals as effectively as possible,” said Mr Alhujairi.

According to the founder and CEO of Mo3lim, Mr. Sameer Rahmah, the collaboration would aid in developing and implementing cutting-edge technology in digital transformation.

He said, “Today we are transferring e-learning in Bahrain to accessible spaces, enabling all stakeholders in the educational system–from government and private entities to students and teachers–to benefit.”

To ensure that e-learning protocols were applied specifically customized to Bahrain’s educational system, he added that Mo3lim would try to learn about the Bahraini experience in e-learning.

Table Space bags $300mn in funding from Hill House Capital

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November 28, 2022

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Table Space, a flexible workspace operator, has raised about $300 million from Hill House Capital, a global private equity fund, to expand its operations. The investment is expected to be funded in two tranches.

“Table Space has signed some large clients recently and has been looking for funding to expand its business. The fresh funding will help them expand at a faster pace,” said multiple people aware of this transaction.

Table Space, one of the fastest-growing managed workspace operators for enterprises in India, plans to expand its presence from the current five million sq ft to eight million sq ft by the end of 2023.

“Corporates are increasingly seeing offices as both a capital-driven expenditure and a value-driven operating expense. The events of the past two years have accelerated the journey for enterprises, and many flex operators have expanded aggressively to support them in this transition,” said one of the people quoted above.

In the most recent few months, Table Space has leased more than 1.2 million sq ft of Grade-A commercial space in projects, including 1 Shobha in Bengaluru, Gigaplex in Navi Mumbai, DLF Cyber City Building 10 in Gurugram, BPTP Capital City in Noida, and Panchshil Business Park in Pune.

Currently, Table Space handles over 5 million sq ft, which has room for 45,000–50,000 people.

The company serves leading organizations like AMD, Fujitsu, and Microsoft, among others, and operates in cities like Delhi-NCR, Bengaluru, Hyderabad, Mumbai, Pune, and Chennai.

RBI rejects Paytm’s application for payment aggregator licence

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BRL Editor

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November 26, 2022

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The Reserve Bank of India (RBI) has withheld Paytm’s application to provide payment aggregator service for online merchants.

The financial services company stated that Paytm Payments Services Limited (PPSL), a 100% subsidiary of Paytm, now has to resubmit its application for authorization to provide payment aggregator service within 120 calendar days.

To comply with RBI standards, the company will also seek authorization for a downward investment in PPSL. During this process, no new merchants will be accepted.

According to the company, the subsidiary will keep doing business with existing merchants for whom the services will remain unaffected.

“This has no material impact on our business and revenues since the communication from RBI is applicable only to the onboarding of new online merchants. We can continue to onboard new offline merchants and offer them payment services including All-in-One QR, Soundbox, Card Machines, etc.,” Paytm noted in a filing with BSE.

The business added that it is optimistic that, after resubmitting the application, it will be promptly approved.

Lemon Tree Hotels signs a new hotel in Jamshedpur

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November 26, 2022

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Lemon Tree Hotels announced its latest signing–Lemon Tree Hotel, Jamshedpur. The property will be operated by Carnation Hotels Private Limited, a fully-owned subsidiary and the management unit of Lemon Tree Hotels Limited, by September 2023.

This property will have 42 well-appointed rooms, a multi-cuisine restaurant, a bar, a meeting room, a fitness centre, banquet facilities, and other public areas.

Speaking on occasion, Mahesh Aiyer, CEO – of Carnation Hotels Private Limited – commented, “A key economic and industrial hub, Jamshedpur, is a leading tier-II city with significant tourism and business potential. The signing of this hotel is in line with Lemon Tree Hotel’s vision of strengthening our presence in key domestic markets, and we are pleased to partner with Parikh Inn Pvt. Ltd. for the same. In keeping with our asset-light growth strategy, we have consistently been growing in the management space and have already signed 4 hotels this month itself and a total of 15 hotels this fiscal. We aspire to diversify our existing portfolio, not just in metros and tier I cities, but across tier II, III and IV cities and leisure destinations as well, by signing and opening more hotels to enhance our offerings to our guests as well as owners and partners in tourism and hospitality.”

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