Business

Bengaluru-based electric vehicle (EV) manufacturer Ola Electric is expected to reach EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) breakeven by the fiscal year ending March 2027, according to a recent report by Goldman Sachs. The report forecasts Ola Electric's revenue growth to accelerate, with a 2.5 times increase in the current rate, and a fivefold growth in vehicle volume over the next three years. The company's revenue is expected to see a 40% CAGR (Compound Annual Growth Rate) from FY24 to FY30, implying a breakeven in free cash flow (FCF) by FY30, excluding subsidies. Goldman Sachs has a "buy" rating for Ola Electric, with a 12-month target price of Rs 160 per share, suggesting a potential 50% upside from its current trading price of Rs 113 per shar...

PhonePe, a Walmart-controlled payments firm, has taken a significant lead in the Unified Payments Interface (UPI) transaction market, capturing over 50% of the market share by value and volume as of August, according to data from the National Payments Corporation of India (NPCI). The NPCI reported that UPI registered 14.96 billion transactions worth Rs 20,60,735.57 crore in August, with PhonePe recording 7.23 billion transactions amounting to Rs 10,33,264.34 crore. This translates to a market share of 48.36% by volume and 50.14% by value. Google Pay, another leading player, recorded 5.59 billion transactions totaling Rs 7,42,223.07 crore, holding a market share of 37.3% by volume and 36% by value. Paytm, which processed transactions worth Rs 1,13,672.16 crore, captured a market shar...

In a strategic move to diversify its portfolio and tap the rapidly growing medical tourism sector, leading online travel aggregator (OTA) platform EaseMyTrip has acquired a 30% stake in UAE-based Pflege Home Healthcare and a 49% stake in Rollins International. The acquisitions are set to cement EaseMyTrip's position as a one-stop-shop for travelers seeking holistic travel solutions, including wellness and healthcare services. EaseMyTrip's board of directors has approved the acquisition of Rol Mills International (30%) and Pflege Home Healthcare (49%) at a consideration of Rs 60 crore and Rs 30 crore, respectively. The consideration will be paid in the form of an equity swap, where EaseMyTrip will issue its shares to Rollins and Pflege. Pflege Healthcare, a medical tourism provider, ...

Way2News, a pioneering hyperlocal news platform, has secured a significant boost of $14 million in its Series B funding round led by WestBridge Capital, with support from seasoned venture capitalist Sashi Reddi. This fresh capital influx will enable Way2News to scale its operations, enhance its technology, and expand its presence in the lucrative South Indian market. Just a year ago, Way2News had raised $16.75 million in its Series A round, catapulting the Bengaluru-based firm into the big league. Founded in 2015, Way2News has grown exponentially since then, boasting an impressive 6.5 million daily active users, 13 million monthly active users, and over 50 million downloads across app stores. What sets Way2News apart is its localized newsaggregation model, which covers not just dist...

Noida, India - Redcliffe Labs, an omnichannel diagnostics service provider, has secured $42 million in a Series C funding round led by IFU, a Denmark-based investment firm, which contributed $20 million. The funding round also saw participation from existing investor LeapFrog, which added $15 million, and support from existing shareholders, including HealthQuad and Spark Growth Ventures. This latest investment follows Redcliffe Labs' previous funding rounds, including $61 million in Series B in May 2022 and $10 million in Series A in April 2021. Notable investors such as Schroders, LC Nueva, Chiratae Ventures, and Alkemi Venture Partners also participated in earlier rounds. The fresh capital will enable Redcliffe Labs to drive its expansion plans, particularly in tier II and III cit...

Venttup, a cutting-edge Industries 4.0 startup, has made headlines with the acquisition of seed funding from Unicorn India Ventures. This investment will propel the company's growth and enhancements in its indigenisation program management. Founded by a team of visionary entrepreneurs, Sandeep Nair, M. Wasim Ankli, and Joseph Panakkal, Venttup is on a mission to disrupt the manufacturing landscape by connecting millions of MSMEs on a single digital platform. By providing a robust supply chain, Venttup empowers these businesses to boost their operational efficiency. With a focus on cloud manufacturing and sustainable practices, Venttup assists large enterprises in outsourcing their engineering needs, reducing their carbon footprint while also enabling localized production of critical...

The Indian Institute of Management Ahmedabad (IIMA) incubator, IIMA Ventures, has announced the launch of Growth Accelerator 2.0, a program designed to drive exponential growth for small and medium enterprises (SMEs), family businesses, and growth-stage startups. The program aims to equip participants with the tools and expertise needed to scale their businesses and achieve strategic growth. What is Growth Accelerator 2.0? Growth Accelerator 2.0 is a comprehensive program that provides a range of interventions, including knowledge sessions, masterclasses, workshops, founder talks, diagnostic panels, and mentoring clinics. The program is designed to be highly interactive and hands-on, with a focus on helping participants operationalize growth opportunities in a practical manner. K...

Bengaluru-based construction goods and services platform Infra.Market has raised Rs 150 crore (approximately $18 million) in its Series E2 funding round, just three months after announcing $50 million from the Mars Fund. The company's board has passed a resolution to issue 7,028 Series E2 preference shares at an issue price of Rs 213,438.7 each to raise the additional funds. The fresh infusion brings the total amount of funding secured by the Tiger Global-backed company to Rs 236.3 crore. The company has already received Rs 76.3 crores from the new funding, with Amit Vijaysinh Barad and Barad Sanjay Amarsinh investing Rs 45 crores together, while the remaining funds were contributed by various individual shareholders. Importantly, Infra.Market has also secured Rs 75 crore ($9 millio...

Amazon Web Services (AWS) has chosen seven Indian startups that specialize in generative AI for its global accelerator program. The startups, which were selected from a pool of 80 global companies, will receive up to $1 million in AWS credits to develop, train, test, and deploy their AI solutions. The selected startups are: Convrse: An AI-based tool that optimizes complex 3D objects or scenes for web or real-time applications, serving industries such as gaming, architecture, manufacturing, healthcare, and simulations. House of Models: A company that leverages large language models (LLMs) and diffuser models to generate digital content for brands and businesses, including images, videos, and product descriptions. Neural Garage: A deep technology company that uses AI to streaml...

Gurugram-based Direct-to-Consumer (D2C) tech accessories and lifestyle brand DailyObjects has raised a significant Rs 86 crore in a new funding round from 360 One Ventures. This fresh investment brings the company's total Series B funding to a staggering $10 million, after a gap of 30 months. The funds will be used to meet the company's working capital requirements, fuel future expansion, and cater to other general corporate purposes. DailyObjects plans to maximize the utilization of these proceeds to maintain its competitive edge in the market. The board of DailyObjects has approved the issuance of 8,118 compulsory convertible preference shares worth Rs 72 crore to raise the required funds. The company's regulatory filings with the Registrar of Companies (RoC) confirm this developm...