Tag: Inc42 Media

Info Edge, a prominent player in the Indian startup ecosystem, has announced a significant investment to support the growth of tech startups. The company’s board has approved an investment of up to ₹250 Cr in B8 Fund I, a newly launched alternative investment fund (AIF) focused on backing tech-enabled companies in India.

Smartweb Internet Services Limited, a subsidiary of Info Edge, will serve as the sponsor and investment manager of the fund and its schemes. The commitment will be utilized over the fund’s lifespan, based on market conditions and investment opportunities.

The primary objective of the fund is to foster long-term growth for contributors by supporting growth-stage tech startups in India or those with a primary focus on the Indian market. The scheme’s duration is set at eight years from the initial closing, extendable up to two years with the majority consent of contributors.

Info Edge’s investment in B8 Fund I aligns with its continued support for early and growth-stage technology startups. Previously, the company allocated ₹100 Cr to its subsidiary, Redstart Labs, to meet capital requirements and finance potential investments. Redstart Labs focuses on deeptech and SaaS sectors and has already invested in promising startups like Unbox Robotics, BrainSight AI, and Skylark Drones.

Source: Inc42 Media

SEDEMAC Mechatronics, a deep-tech company, is set to open its IPO for bidding on March 4, with a closing date of March 6. The IPO, which will not include any fresh issue, consists solely of an offer for sale (OFS) of up to 80.43 lakh shares. At a price band of ₹1,287 to ₹1,352 per share, the company aims for a valuation of around ₹5,970 crore. The IPO size is expected to be ₹1,087 crore.

The SEBI-approved IPO will see selling shareholders, including co-founders Manish Sharma and Ahswini Amit Dixit, each offloading a substantial number of shares. Notable investors like NRJN Family Trust, Xponentia Capital, A91 Partners, and HDFC Life Insurance are also set to reduce their stake through this offering.

SEDEMAC Mechatronics, incubated at IIT Bombay, has been developing innovative deep-tech solutions. This IPO marks a significant milestone in the company’s journey, providing investors an opportunity to be part of its growth story.

Source: Inc42 Media

AI-focused preconstruction startup MeltPlan has announced securing $10 million in seed funding to advance its innovative AI system for preconstruction planning. The funding round, led by Bessemer Venture Partners and joined by tech investment firm Nova, aims to propel the development of MeltPlan’s ‘planning engine’.

Founded by Kanav Hasija and Tanmaya Kala, MeltPlan specializes in AI agents that comprehend building codes, materials, procurement, and construction methods. The ‘planning engine’ integrates four systems – code, cost, schedule, and value – empowering clients to simulate outcomes and make informed decisions before construction begins.

“We’re building an AI system that allows teams to evaluate constraints, run scenarios, and align before plans are finalized,” said Hasija. The funding infusion elevates MeltPlan’s total funding to $14 million, supporting collaborations with leading contractors like DPR Construction and Innovo Group.

This investment highlights the growing trend of AI startups leveraging technology to address industry-specific challenges. With a significant market opportunity in the construction sector, MeltPlan, alongside other innovators like Attentive.ai, is driving advancements in preconstruction processes through AI-driven solutions.

Source: Inc42 Media

Ecommerce company BRND.ME, formerly Mensa Brands, has obtained approval from the National Company Law Tribunal (NCLT) to transition its base from Singapore to India in preparation for its upcoming initial public offering (IPO). The move involves merging Mensa Singapore with Mensa India, following a structured process that consolidates seven Indian group entities into the Indian holding company.

With the NCLT’s approval secured in February, BRND.ME’s CEO Ananth Narayanan highlighted the significance of this redomiciling, stating, “This redomicile sets us up with a much stronger foundation as we look ahead to the next phase of growth, including our path to becoming a public company.”

Looking ahead, BRND.ME aims to launch its IPO in the Indian public market within the next 12 to 18 months. The company also reports achieving adjusted EBITDA profitability and positive operating cash flow in the current fiscal year, projecting a revenue range of ₹1,700 to ₹1,800 crores.

Despite a projected 5.8% decline in consolidated revenue in FY25, BRND.ME remains optimistic about its future prospects. The company’s strategic move to redomicile aligns with its growth trajectory and IPO ambitions, indicating a pivotal phase in its evolution as a tech-driven e-commerce entity.

Source: Inc42 Media

Community management and security startup MyGate significantly reduced its net loss for the fiscal year FY25 by 61% to ₹15.4 Cr from the previous year, showcasing a strong improvement in its financial performance. The company reported a substantial 80% increase in operating revenue to ₹173.5 Cr. Despite an EBITDA loss of ₹3.9 Cr, MyGate’s EBITDA margin stood at -2%, reflecting a strategic focus on growth over immediate profitability.

CEO Abhishek Kumar highlighted the company’s shift towards sustainable growth, noting a profitable performance on a PBT basis. Looking ahead to FY26, MyGate anticipates a 25-30% year-on-year revenue growth with adjusted EBITDA margins expected to surpass 5%, a marked improvement from less than 1% in FY25.

The company’s growth strategy has been fueled by a concentrated effort on its high-margin advertising vertical, leveraging its extensive network of gated communities to offer advertisers hyperlocal targeting capabilities. MyGate’s in-house ad platform enables precise targeting, allowing brands to engage with specific audiences at a granular level, contributing to approximately 65-70% of the company’s total income from advertising revenue.

By optimizing its advertising offerings and focusing on targeted campaigns, MyGate has successfully capitalized on its unique position within the community management sector to drive revenue growth and enhance its financial performance.

Source: Inc42 Media

Karnataka’s Crime Investigation Department (CID) recently conducted a search at the premises of wealthtech startup Jar to investigate potential violations related to its gold storage practices. The CID was particularly interested in understanding Jar’s gold storage protocols, including custody structure and security measures to protect customer assets, according to sources familiar with the matter.

Following the Securities and Exchange Board of India’s (SEBI) warning to investors about unregulated ‘digital gold’ products, the scrutiny on Jar’s operations highlights the importance of regulatory compliance in the fintech sector. SEBI’s alert emphasized the risks associated with digital gold offerings that are not under its regulatory purview, exposing investors to counterparty and operational vulnerabilities.

Jar, known for its mobile app enabling users to invest small amounts in digital gold, responded to inquiries by stating, ‘We are fully cooperating with the authorities and have provided all requested information. As the matter is subjudice, we refrain from commenting on specific allegations. We trust that the truth will surface through the legal process.’

This investigation underscores the growing attention on the security and compliance aspects of fintech products, urging startups to adhere to regulatory standards to ensure investor protection and industry integrity.

Source: Inc42 Media

Enterprise services startup Wootzwork has successfully raised $6.6 million in a Series A funding round to enhance its global original equipment manufacturing (OEM) capabilities. The funding, led by Z47 and with participation from investors like Nexus Venture Partners, AdvantEdge Founders, and Stride Ventures, will fuel the company’s plans for scaling its manufacturing control systems and expanding its engineering and program teams worldwide.

Founded in 2023 by Karan Anand and Himanshu Uniyal, Wootzwork operates as a platform offering tailored fabrication and manufacturing solutions. By focusing on streamlining cross-border procurement through customized products and quote generation based on buyer inputs, the company aims to optimize the manufacturing process from design to delivery.

Wootzwork’s approach to manufacturing complexity as a competitive advantage rather than a risk has gained attention. The company’s CEO, Karan Anand, stated, ‘When the system is engineered properly, complexity becomes leverage—not chaos.’ With a total funding of nearly $10 million, including a previous seed round, the startup has demonstrated its ability to execute intricate cross-border manufacturing projects for over 22 global enterprises across 12 international markets.

Source: Inc42 Media

Beauty e-commerce company Purplle has successfully reduced its net loss for FY25 by 44% to ₹69.4 Cr, down from ₹124.1 Cr in the previous year. The improvement in financial performance was primarily attributed to a significant increase in operating revenue, with the company’s top line surging by 101.2% to ₹1,367.3 Cr compared to ₹679.6 Cr in FY24.

The key driver behind this growth was the substantial rise in product sales, which accounted for 80% of the total income and saw a remarkable 4X increase to ₹1,128.9 Cr during the fiscal year under review. Additionally, Purplle generated ₹173 Cr in revenue from platform advertisements.

By transitioning its business model from a marketplace seller to an inventory-owned and controlled company, Purplle strategically enhanced its financial outlook. The startup’s transformation included acquiring inventory and paying a one-time non-compete fee of ₹20 Cr, leading to a total income of ₹1,409.3 Cr for FY25, up by 94.4% from the previous year.

Founded in 2012, Purplle operates as a BPC-focused online marketplace offering a wide array of beauty, personal care, health, wellness, skincare, and cosmetic products. With 13 warehouses, 8 dark stores, and over 3,000 employees, the Mumbai-based company has expanded its reach by acquiring D2C brands like Faces Canada, Carmesi, Good Vibes, and NY Bae.

Source: Inc42 Media