Cloud-based SaaS technology provider Amagi secures $100mn in a round led by General Atlantic

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November 2, 2022

General Atlantic has invested $82 million in Amagi, a global media SaaS technology company with offices in India and the US. According to the company notice, General Atlantic will have 8% equity in the company.

The existence of a secondary transaction is also shown through filings. General Atlantic will purchase 1,12,374 equity and preference shares from the existing investor for a total of 27.5 million after the funds were raised through preferential allotment and private placement in two tranches.

The primary and secondary deal raises a total of $110 million.

According to the notice, the board at Amagi issued 3,35,854 Series F CCPS at a company face value of an issue price of Rs 19,505.5 per share to raise $82 million.

Amagi, a cloud-based broadcast and advertising technology solution provider, was founded in 2008. The company was founded in India to offer solutions for targeted TV advertising, but it eventually changed its focus to drive cloud adoption and promote cloud technologies for broadcast.

After receiving $95 million for a valuation of over $1 billion in a funding round headed by Accel and involving investors including Norwest Venture Partners and Avataar Ventures, the company became a unicorn in March. The fundraising round came after a 108% year-over-year (YoY) growth; since 2021, the number of clients has increased by 59%.

The company provides live, linear, and on-demand channel creation, distribution, and monetization services across cable, OTT, and CTV-led Free Ad-supported Streaming TV (FAST) platforms globally.

With locations in New York, Los Angeles, Toronto, London, Paris, Australia, South Korea, and Singapore, Amagi currently supports over 700 content brands, 800 playout chains, and over 2,000 channel deliveries on its platform across over 40 countries. With a centre for innovation in Bengaluru, it also has broadcast operations in New Delhi.

Lotus Herbals buys 20 pc stake in Yogic Secrets Healthcare

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November 2, 2022

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Packaged consumer goods company Lotus Herbals has acquired a 20 per cent stake in Gurugram-based startup Yogic Secrets Healthcare for an undisclosed amount. According to a joint statement, Yogic Secrets Healthcare, which deals in research-based nutraceutical products, would expand its operations in India utilizing the funds collected from Lotus Herbals’ family office.

Additionally, it added that this would aid in broadening horizons in international markets such as the USA, UK, and Australia.

Anil Khandelwal founded Yogic Secrets Healthcare in 2018.

“With the Lotus Herbals investment opening new horizons, we see a tremendous possibility of catapulting us towards our vision to provide preventive, palliative and curative healthcare,” Khandelwal said.

Lotus Herbals operates in the natural personal care and cosmetics space, with seven brands and more than 12 sub-brands.

NeoGrowth secures USD 20mn via ECBs from United States DFC

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November 1, 2022

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NeoGrowth, an NBFC that specialises in lending to MSMEs, stated that it had secured funding from the United States International Development Finance Corporation (DFC) for USD 20 million under the External Commercial Borrowing (ECB) route.

According to ECB guidelines, this funding commitment, which has a 5-year term with a 2-year moratorium on principal payments, will be used for subsequent lending to SME customers.

Arun Nayyar, Whole-time Director and CEO, said, “NeoGrowth is funding India’s small businesses by leveraging the digital ecosystem, and this backing from DFC will help us drive that mission further while also creating a positive impact on SMEs. We will be using these funds to further extend credit to our customers to propel their business growth.”

The United States development finance institution, International Development Finance Corporation (DFC), collaborates with the private sector to finance technology, healthcare, energy, and critical infrastructure solutions.

DFC also offers financing to small firms and female entrepreneurs to support the development of new markets and the creation of jobs.

James Polan, DFC’s Vice President of the Office of Development Credit, said, “DFC’s investment in NeoGrowth will increase access to capital for small businesses in India. NeoGrowth’s digital, flexible model enables it to reach more small businesses, promoting financial inclusion, economic growth, and development across the country.

Booking.com aims new projects in the Bengaluru centre

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November 1, 2022

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Netherlands-based travel portal Booking.com’s parent company Booking Holdings, which has just opened an engineering centre in Bengaluru, is working on using artificial intelligence and machine learning to increase the scope of risk management on the site.

The company aims to expand into verifying customers’ IDs, such as passports and driver’s licences, in addition to the current verification of properties for stay.

According to Daniel Marovitz, senior vice president of fintech at Booking.com, this is one of the projects being worked on at the Bengaluru centre of excellence. Booking predicts that by the end of 2022, the centre’s strength, which is currently 20, will increase to 100.

Another project the team here will work on is a forex card that will function like a regular credit/debit card. “When you transact in a different currency, there might be a difference between the actual forex rate versus what is given to you. That will not happen with this card. So, with the FX card, you can not only book your hotel but also shop with it, commute, and pay your restaurant bills. This will be connected to your Booking.com ID,” Marovitz said. Connecting everything to a Booking.com ID will enable users to access facilities like buy-now-pay-later for all their transactions.

Booking plans to tokenize the card in addition to having a physical card. Actual card details are kept private throughout transactions owing to tokenization. Additionally, for greater security, the token numbers are constantly changing.

Twitter reports 85% decrease in monthly complaints in India

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October 31, 2022

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Between August 26 and September 25, Twitter in India received 157 complaints regarding harassment and hateful conduct, an 85% decrease over the prior month. This is also the year’s lowest monthly grievance total in India.

Between August 26 and September 25, the microblogging site suspended nearly 54,000 accounts in India because they had broken the platform’s policies.

For reasons involving non-consensual nudity, child sexual exploitation, and other content, Twitter suspended 52,141 accounts. In addition, Twitter’s India Transparency Report reveals that 1,982 additional accounts were deleted for promoting terrorism.

The platform claimed to have also received complaints regarding sensitive pornographic content, intellectual property infringement, and sexual assault. In addition, according to the report, the company handled 43 grievance claims appealing account suspension.

Last month, Twitter removed close to 60,200 accounts after receiving 1,088 complaints.

Every month, the social networking site—recently acquired by billionaire entrepreneur Elon Musk—releases statistics on the actions taken in response to reported posts.

Musk has stated that the social media firm would establish a “content moderation council,” and any significant content determinations or account reinstatements would occur after such a group has convened.

Egypt’s fintech firm MoneyFellows bags $31M in Series B funding

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October 31, 2022

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According to Forbes Middle East, the Egyptian fintech company MoneyFellows has raised $31 million in a Series B funding round. CommerzVentures, Middle East Venture Partners, National Investment Company, Partech, Sawari Ventures, 4DX, P1Ventures, and Arzan Venture Capital participated in the round.

The capital raised will expand the company’s product offerings across B2C and B2B markets and broaden its service portfolio. MoneyFellow also intends to increase its presence in Asia and Africa.

“The support we received from leading local and global venture capital firms in times of instability and scarcity of growth capital rounds is a testament to their faith and confidence in our business model, our team and the overall opportunity that lies in the Egyptian market,” Ahmed Wadi, founder and CEO of Money Fellows said in a statement.

MoneyFellow, founded in 2017, uses a digital version of the traditional “rotating savings and credit association” model, also known as “Gameya” in the Arab world, to enable users to get reasonable credit and save money.

The world’s centre for fintech is steadily moving to the Gulf. The sector’s revenue is anticipated to increase by an average rate of 12% from 2018 to reach a value of $187 billion by 2024, according to Statista.

Lemon Tree Hotels signs a new hotel in Haridwar, Uttarakhand

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October 29, 2022

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Lemon Tree Hotels Limited has announced the signing of a hotel in Haridwar, which the company said is expected to be operational by the end of the calendar year 2024 and will be managed by Lemon Tree’s wholly-owned management subsidiary, Carnation Hotels Private Limited.

According to the company, the hotel will have 50 rooms, a restaurant, a gym, meeting rooms, banquet rooms, and public areas. It will be situated in the Jwalapur area of Haridwar.

Vikramjit Singh, president of the company, said, “We are happy to expand our bouquet of hotels. This one is owned by Willowy Hospitality & Tourism and is our fourth upcoming property in the state, which will add to our seven existing hotels in Uttarakhand.”

Currently, the company manages 87 hotels with 8,400 rooms spread throughout 52 locations. The company will run 10,950 rooms across 116 hotels in 71 places in India and abroad after the hotels in the pipeline starts operating.

In October, it also inaugurated two other hotels: the 63-room Lemon Tree Hotel, Kalina, in Mumbai and the 44-room Keys Lite by Lemon Tree Hotels in Sreekanya, Visakhapatnam.

According to hospitality consultancy firm Hotelivate, over 59,000 more rooms are expected to be built nationwide during the next five years. According to the consultancy, 72% of these, or around 35,000 rooms, are actively being developed.

In the upcoming hotel supply, about 6,800 rooms are going to come up in Bengaluru, followed by Mumbai (5,400 rooms), Jaipur (3,300) and Delhi (1,800).

Skyview By Empyrean launches, Milestones by Empyrean, a loyalty programme

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October 29, 2022

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Promoters of Skyview by Empyrean in Patnitop, UT J&K, Empyrean Skyview Projects Private Limited, has announced the launch of Milestones by Empyrean, a loyalty membership programme for its customers.

This “One Destination Endless Experiences” getaway, spread over 22 acres, began operations three years ago with the successful launch of the Skyview Gondola as the Gateway to Patnitop. It is certified as India’s first sustainable tourism destination and is only 90 minutes from the Mata Vaishno Devi Shrine in Katra.

A rewards programme called Milestones by Empyrean is available to anybody who wants to join an outdoor recreation destination. It offers the finest of Skyview by Empyrean all year long, including Gondola rides, transferable gift vouchers, complimentary stays and meals, and incredible bonus points on all purchases made at the resort.

Since its opening, Skyview By Empyrean has drawn enormous crowds of tourists. As people opt for short breaks and outdoor activities for adventure, family time, and team building, it has become a popular destination for locals and visitors from other states.

FMCG startup Himshakti bags ₹17 lakh in pre-seed round

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October 28, 2022

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Dehradun-based FMCG company Himshakti has raised Rs 17 lakh in a pre-seed funding round from Artha Venture Fund and IIM Kashipur, according to a press release. The Artha Access initiative and IIM Kashipur have signed an MoU. This is the first deal of the association.

“We believe there is a big untapped market for organic FMCG products available at an affordable cost; Himshakti is tapping into this segment,” commented Gauri Kuchhal, Principal of Artha Venture Fund, adding that the VC firm can help Himshakti scale up faster to have a pan India and a strong international presence.

Angel investors Anand Kumar of Pier Counsel and Varun Agrawal of StarClinch also participated in the funding round.

According to the press release, Himshakti intends to utilize the funds for marketing, sales, and raising the calibre of its product packaging.

The company also plans to expand its presence in other markets like France, the ASEAN region, and other European countries. It plans to increase its market presence and secure shelves in 200 premium stores. The brand is now applying for international certifications to begin operations in Europe and ASEAN countries.

Founded in November 2019, Himshakti sells organic products like seasoned salts, spices, teas, cereals, and juices from the Himalayan region of India. It recently launched new organic products like hemp oil, hemp flour, hemp seeds, nettle tea, and chamomile tea.

Crypto exchange Blockchain.com partners with Visa to provide crypto debit card to US customers

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October 27, 2022

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Crypto exchange Blockchain.com has announced a partnership with payments company Visa to launch a crypto card. Only US buyers will currently be able to buy the card. Next year, there are plans to expand the offering to European customers.

Wherever Visa debit cards are accepted, users of the crypto card will be able to make purchases using their crypto or cash balance. According to Blockchain.com, 50,000 people on the waitlist want to sign up.

The company shared the waitlist link and announced the relationship on Twitter. According to the company’s tweet, there would be no sign-up, yearly, or transaction fees, and users would receive 1% of all purchases back in cryptocurrency.

The crypto card will be issued by Marqeta, a California-based payments company, which powered crypto finance firm Swipe’s Visa card in September 2020.

Visa also accepts cards from crypto companies such as Coinbase and Binance. In the first week of October, Visa and the crypto exchange FTX collaborated to sell crypto debit cards in 40 countries, including those in Latin America, Asia, and Europe.

Other global payment giants like Visa want to integrate crypto into their payment networks. As part of its introduction of Crypto Source, Mastercard last week announced its collaboration with crypto trading platform Paxos.

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