Business

Mobile advertising network software firm, InMobi, has announced that it has secured $100 million in debt financing from MARS Growth Capital, a collaboration between MUFG and Liquidity Group. This significant investment will support the company's ambitious plans for the development of artificial intelligence (AI) and strategic acquisitions, allowing it to offer brands and consumers more immersive and personalized experiences. Key Highlights: InMobi has secured $100 million in debt financing from MARS Growth Capital to propel its AI development and strategic acquisition plans. The company aims to offer brands and consumers more immersive and personalized experiences beyond traditional ad units. This is InMobi's first major funding round after a five-year gap, following a string...

The Abu Dhabi Investment Authority (ADIA) has led a significant investment of $120 million in Mumbai-based beauty and grooming platform, Purplle, in July. This funding comes on the back of a remarkable 43% year-on-year surge in revenue for the fiscal year ending March 2024. Purplle's growth story is impressive, with revenue from operations increasing to Rs 680 crore from Rs 475 crore in FY23. The company has diversified revenue streams, including: Advertising and visibility services: Primary source of income Sales of own labels: Successful brands like Faces Canada and Good Vibes Royalties (from sellers) Subscriptions Support services Interest on investments added another Rs 45 crore to its total income, taking it to Rs 725 crore in FY24, up from Rs 509 crore in ...

Mumbai, Zivy, a cutting-edge AI tool that helps prioritize workplace messages and tasks, has secured $1.2 million in a pre-seed funding round co-led by prominent venture capital firms, including Blume Ventures, Paradigm Shift Capital, iSeed, Everywhere Ventures, Indian Silicon Valley, and Marsshot Ventures. Angel investors, such as Ashwin Bhatnagar, Anand Balaji, and Razorpay co-founders Harshil Mathur and Shashank Kumar, also joined the round. The freshly-minted funds will be allocated towards further enhancing the company's product development and expanding its research and development team, as per Zivy's announcement. The platform, founded in 2023 by Prashanth YV and Vivek Karna, aims to help managers and leads by providing a personalized "copilot" to stay organized and manage their...

FlexiLoans, a Mumbai-based Non-Banking Financial Company (NBFC) and fintech lender, has raised approximately $35 million (Rs 290 crore) in its Series C funding round led by global investors Accion, Nuveen (the investment manager of TIAA), and Fundamentum, alongside existing backer Maj Invest. Key Highlights of the Funding The funding round is valued at approximately $35 million (Rs 290 crore). Accion, Nuveen, and Fundamentum led the round, with Maj Invest also participating. FlexiLoans plans to use the funds to scale its operations, broaden its product portfolio, and enhance its technological infrastructure. The company has already raised $16 million in debt financing this year, including $9 million from JM Financial and $7 million from Vivtri AMC. About FlexiLoans ...

New Delhi: Mitra, a direct-to-consumer startup in the fast-moving consumer goods (FMCG) space, has successfully raised Rs 11 crore in its pre-Series A funding round. The investment is led by Bestvantage Investments, a leading venture capital firm, with an additional participation from a Dubai-based strategic family office headed by Mr. Surya, who contributed Rs 5 crore. The pre-Series A round also saw strategic investments from esteemed individuals such as Arjun Vaidya, founder of V3 Ventures and ex-Dr Vaidya, Ashok, Ajay Kumar, ex-COO of Pizza Hut, and others. This investment round was supported by strategic mentors and advisors like Mahesh from Hyderabad. Mitra, founded in 2022, focuses on producing a wide array of food products, including flour and oil, through its state-of-the-a...

Mumbai: Bengaluru-based consumer lending and payments startup Slice has raised INR 300 crore (approximately $36 million) through convertible debt, as per its regulatory filings with the Registrar of Companies. The funding round was co-led by Taneja Family Trust, Anju Family Personal Trust, UK2 Family Trust, and MN Family Trust, who invested INR 30 crore each. Blume Ventures and 8i Ventures also participated in the debt financing round, investing INR 27 crore and INR 25 crore, respectively. Other participating investors include Inland Financial Services, Mintcap Enterprises, Stargazer Ventures, Roger Bravo Advisors, and Broadbridge Capital Management, along with several individuals. Founded by Rajan Bajaj, Slice provides physical and virtual cards focused on millennials, enabling stu...

Mumbai: Flipkart, one of India's largest e-commerce players, has rolled out its quick commerce service, Flipkart Minutes, in Gurugram and other parts of the National Capital Region (NCR). The service, which was first reported in March, is currently available in nearby Unitech Cyber Park, Sector 39, 40, The Millenium City Centre (Sector 29) and Golf Course Road (Sector 54) in Gurugram. According to sources, Flipkart Minutes is also available in some parts of Mumbai, competing with quick commerce players like Blinkit, Swiggy Instamart, and Zepto. The service allows users to order groceries, electronics, smartphones, and other products with delivery times ranging from 8 to 16 minutes. The launch of Flipkart Minutes marks a significant step in the company's expansion plans, followin...

Bengaluru-based digital devotional platform Sri Mandir, a part of AppsForBharat, has secured $18 million in its Series B funding round led by Nandan Nilekani's Fundamentum. The round also saw participation from Susquehanna Asia VC, as well as existing investors Elevation Capital, Peak XV, and Mirae Asset VC. The funds will be used to expand the Sri Mandir app, build a technology stack for temples, add five new regional languages, and scale operations in India and global markets such as the US, UK, and Canada. With this latest round, AppsForBharat has raised nearly $32 million, including $10 million in Series A funding in September 2021 and $4 million in a Seed round in August 2021. According to data from the company's regulatory filings, Fundamentum invested Rs 73.5 crore ($8.8 mill...

The realm of international construction is a testament to the wonders of modern engineering, yet it is fraught with its own unique set of challenges. The sheer complexity and vast scale of these projects demand not only rigorous planning but also flawless execution. Companies engaged in this sector must adeptly manoeuvre through a maze of regulatory, cultural, and logistical obstacles. A recent study highlighted that nearly 70% of such projects encounter significant delays due to unexpected hurdles, emphasising the critical need for a deep understanding and proactive management of these issues to achieve successful project outcomes. Given their global scope, these ventures require companies to be versatile enough to handle diverse issues stemming from operations across different nation...

In today's workplaces, establishing an effective attendance tracking system is integral for organizations to streamline processes. Previously firms used methods like manual sign-ins that often led to a lot of errors and were a bit time-consuming as well. But now with the advent of face recognition systems, organizations have access to real-time data insights. This provides a robust and reliable attendance management system.  Let's discuss what else the face recognition attendance system has to offer; An Easy Time Tracking System:  You do not need to keep track of when you work. The best thing about the face attendance system is that it automatically records your hours without needing constant monitoring. Furthermore, it helps avoid mistakes like identifying the wrong pe...