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Adil Qadri Gets Vineeta Singh’s Funding Amount Credited; Closes FY24 With Rs 70 Lakhs Net Profit
- Adil Qadri has received the funding amount from Vineeta Singh and it has been credited in the brand's account.
- Adil Qadri, known for his D2C perfume and attar brand, closed FY24 with a net profit of Rs 70 lakhs.
- The brand has established over 27 brick-and-mortar stores and handles nearly 4,500 orders daily across various platforms.
- The D2C brand ended FY24 with an impressive revenue of Rs 80 crore.
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Startupreporter
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Patanjali Food & Herbal Park, Falcone Peak Fund, others to invest Rs. 99.50 crore in KBC Global Ltd
- Patanjali Food and Herbal Park, Falcone Peak Fund, and others have agreed to invest up to Rs. 99.50 crore in KBC Global Ltd through a convertible preferential warrants issue.
- The company will issue 45.23 crore warrants on a preferential basis at Rs. 2.20 per warrant, with each warrant being convertible into one equity share of face value of Rs. 1 each.
- The funds from the equity issue will be used for debt repayment.
- The extraordinary general meeting of the company is scheduled for November 15, 2024.
- KBC International's subsidiary in Ghana has signed a memorandum of understanding with Liberia SEZ Authority for the development of residential, commercial, and low-cost housing projects estimated to cost $12.5m.
- KBC Global's subsidiary, Karda International Infrastructure Ltd, has secured a $20m subcontract in civil engineering for soft infrastructure from CRJE (East Africa) Ltd in June 2024.
- The company has entered into a memorandum of understanding with Capri Global Capital Ltd, receiving a waiver of non-financial penal interest.
- KBC Global has commenced a new project in Deolali, Nashik, consisting of six commercial and 22 residential units.
- The company has handed over possession of over 135+ residential and commercial units since April 2024.
- Ms. Muna Makki has been appointed as an Executive Director of KBC Global Ltd, subject to the approval of members.
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Medium
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Nordic Tech #3 — The Sky’s the Limit for AirForestry — Literally
- AirForestry has developed the world’s first aerial forestry technology using electric drones to thin forests from above, reducing environmental impact and CO2 emissions.
- The transition from diesel-driven machinery to electric drones helps counter the 10 megatons of CO2 emitted annually by the forestry industry and promotes the absorption of more CO2 through carbon sequestration.
- AirForestry offers economic advantages by reducing infrastructure investments, operating costs, and labor-intensive workflows. It also improves safety in an industry with a high fatality rate.
- The company is well-positioned to capitalize on the local market in Sweden and meet the increasing demand for sustainable forest management, supported by the EU Forest Strategy for 2030.
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Yourstory
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AI to amplify India's Digital Public Infrastructure and boost inclusion, says Nandan Nilekani
- Artificial intelligence can further amplify India's Digital Public Infrastructure (DPI) and accelerate inclusion across the nation, says Nandan Nilekani, non-executive chairman of Infosys.
- At the Build with AI Summit, Nilekani emphasized that AI will amplify everything that has been done so far, including inclusion.
- India's digital infrastructure provides a foundation to rapidly adopt AI at scale, according to Nilekani.
- He highlighted the impact of AI on inclusion in sectors such as agriculture and education, citing examples like language-based WhatsApp bots for farmers and AI-powered reading skills improvement for children.
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VIE Stories
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Rapido Partners with IndoFast Energy to Introduce 10,000 Swappable Piaggio EVs in India
- Rapido partners with IndoFast Energy to introduce 10,000 swappable Piaggio EVs in India.
- Rapido plans to integrate these EVs into its fleet for sustainable mobility and daily ride operations.
- IndoFast Energy aims to install 100 battery swapping stations in Hyderabad and over 200 stations in Bangalore by December 2024.
- Rapido is a ride-hailing company founded in 2015, while IndoFast Energy is a joint venture between IndianOil and SUN Mobility.
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Yourstory
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Insider tips from Instagram influencers on scaling your content creation process
- Actress Anushka Kaushik featured in Lust Stories 2, a sequel to Netflix India's anthology on lust.
- Kaushik shared her journey of content creation on Instagram at the Rajasthan Startup Summit & Expo 2024.
- Instagram influencer Aatman Desai discussed his niche focus on comedy and leveraging humour to engage his audience.
- Kaushik advised aspiring content creators to enjoy creating content they like, while Desai emphasized the importance of delivering consistently for monetary success.
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Yourstory
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David Warner throws a curveball, offers to come out of retirement for Test series against India
- Retired opening batsman David Warner has offered to come out of retirement for the upcoming Border Gavaskar Trophy against India.
- Warner, who retired from Test cricket earlier this year, is open to returning if the team needs him and the selectors require his services.
- With a vacancy in the Australian Test side, Warner's offer comes at a crucial time as the team is searching for an opener to bat alongside Usman Khawaja.
- The series between India and Australia is crucial for both teams in the race for the World Test Championship, with India currently leading the standings.
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Yourstory
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Startup news and updates: daily roundup (October 23, 2024)
- WishNew Wellness raises $250,000 in an angel funding round, led by group of IIT Delhi alumni, valuing the wellness solutions provider at $5.65m.
- Embedded finance and working capital platform GetVantage has invested a total of INR 5.4 crore INR in growth capital to three logistics start-ups Celcius Logistics, Ohm Logistics, and Fitsol.
- Swiggy Dineout and Mumbai Foodie have launched Supper Clubs of India—an experiential dining series celebrating the rich, diverse traditions of regional Indian cuisine, with 10 curated dinners over six months featuring regional community-style meals by home chefs starting from October.
- Maxvolt Energy Industries has converted into a limited company as part of its strategic roadmap towards a public listing.
- JLR has launched its fifth Open Innovation Hub in India, in partnership with Plug and Play, to identify and work closely with start-ups to develop industry-leading solutions for JLR.
- Global crypto investment platform Mudrex claims a 10x surge in revenue and trading volume over the past year with a 40% MoM increase in new users.
- NODWIN Gaming, a new-age youth entertainment, gaming, and esports firm, appoints Atin Suri as Global Head of Experiential Marketing.
- Zeno Health, an omni-channel platform for affordable generic medicines, appoints Pinkesh Dhimar as its new Director for Brand & Communication.
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Inc42
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Shiprocket’s Revenue Crosses INR 1,300 Cr Mark
- Delhi NCR-based logistics unicorn Shiprocket's operating revenue increased 20.8% to INR 1,316 Cr in FY24.
- The startup experienced a 74.4% decrease in net profit, reporting a loss of INR 595 Cr in FY24.
- Factors contributing to the widened loss margins include a one-time restructuring impact, ESOP issuances, and investments in emerging businesses.
- Shiprocket aims to achieve profitability by FY2025 and has reported a 50% reduction in overall cash EBITDA burn in FY24.
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Yourstory
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Shiprocket cuts cash burn by about 50% in FY24, on track to be profitable by FY25
- Shiprocket reduced cash EBITDA burn by about 50% to Rs 100 crore in FY24 from Rs 191 crore in the previous year.
- Shiprocket achieved profitability for the first two quarters of the current financial year and aims to achieve full profitability by FY25.
- Revenue growth of Shiprocket in FY24 was 21% YoY, amounting to Rs 1,316 crore.
- Shiprocket's emerging businesses, such as Shiprocket Cross Border, Checkout, and Fulfillment, contributed nearly a fifth of the company's revenue in FY24.
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Yourstory
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Paytm stock fully recovers from RBI ban, gains 11% to Rs 762
- Shares of One 97 Communications Ltd., the parent company of fintech platform Paytm, surged more than 11% to Rs 762.20 on Tuesday, marking a complete recovery from January's regulatory crackdown.
- RBI’s directive forced the company to cease onboarding new UPI customers and froze key payment services, dealing a significant blow to its market position.
- However, with yesterday’s approval from the National Payments Corporation of India (NPCI) to resume UPI registrations, Paytm has regained one of its core growth levers.
- Paytm is now betting on its First Loss Default Guarantee (FLDG) lending model to drive future growth, aiming to scale lending partnerships and boost profitability.
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Hackernoon
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Meet Siete, Startups of the Year 2024 Nominee
- Siete has been nominated in HackerNoon's annual Startups of The Year awards in Mexico.
- Siete is a B2B lead generation agency helping businesses connect with qualified prospects through a data-driven, multi-channel approach.
- Siete has achieved product-market fit with significant growth in revenue, EBITDA, client satisfaction, and headcount.
- They have expanded their services, generated thousands of qualified leads, and gained recognition as a top B2B lead generation agency in Latam.
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VIE Stories
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BRICS Summit 2024 – Live Updates
- Heads of state from 28 countries, including India, Russia, China, Brazil, Egypt, UAE, and South Africa, have arrived for the summit.
- BRICS has surpassed the European Union (EU) to become the world’s third most powerful economic organization.
- BRICS formed on the concept of a “rising economy,” the group included five countries—Brazil, Russia, China, India, and South Africa.
- This year, UAE, Iran, Egypt, and Ethiopia will formally become members.
- BRICS Summit 2024 is being held in Kazan, Russia. Russian President Vladimir Putin is presiding over the summit.
- BRICS also has its own bank known as the New Development Bank, headquartered in Shanghai, China.
- BRICS officially unveils a new demo of its payment system, BRICS Pay.
- BRICS partners want to reduce their dependence on the US dollar. The sanctions imposed on Russia after its 2022 full-scale invasion of Ukraine will also be discussed.
- Last year, Brazilian President Lula da Silva had stated during a summit that BRICS countries need to create a new currency for trade. He questioned, “Why are we trading in dollars?”
- India has hosted the BRICS summit three times. Russia will be hosting the next BRICS summit.
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Eu-Startups
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Celebrate Europe’s best innovators at the Innovation Radar Prize 2024 in Lisbon
- The Innovation Radar Prize 2024 will be held in Lisbon, Portugal on 11 November 2024.
- The event celebrates and empowers EU-funded startups across three key innovation categories.
- In addition to a pitch competition, there will be insightful panel discussions and fireside chats on topics like AI's impact on venture capital markets and the EU's AI Act.
- Participants will have the opportunity to connect with Europe's innovation leaders and explore potential partnerships.
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Medium
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The Hidden Layer of Innovation: Value-Seeking Experiments
- Untethered projects, known as "value-seeking experiments," represent a hidden layer of the innovation ecosystem, says a TechCrunch op-ed. These projects bridge the gap between R&D and company building by focusing solely on creating value unencumbered by the pressures of developing new technologies or achieving commercial success. By isolating the notion of value creation from other parts of innovation and business building, creators can focus on a fundamental question: what truly matters to people?
- The value-seeking experiment concept fills gaps in classic innovation models that center on research and development and start-up creation and set out to achieve commercial success. Value-seeking experiments face a fundamental question that those models lack: what truly matters to people?
- With an ability to distinguish between 0 to 1 and 1 to n companies, value-seeking experiments facilitate creators to focus on the novel and intuitive value that satisfies the social needs of users. More significantly, they force value measurement and offer resources for becoming valuable creators by setting fundamental abilities that include imagination and empathy. Importantly, such experiments increase the odds of generating the next Google.
- The article suggests that the next world-changing innovation might not be born in a lab or pitch meeting. Instead, such innovations might happen in a dorm room, garage, or coffee shop where someone is tinkering with new ways to create value for the world.
- The author suggests creating more spaces to allow more value-seeking experiments. This allows more people to engage in them and taps into human inventiveness and creativity while focusing on creating value without the encumbrances of commercial success.
- To grow, the Builder Circle focuses on creating spaces for creativity, experiments, and collaborations, shielding members from the risks and sacrifices frequently encountered in commercialization. It aims to create value without the usual bottlenecks of capital, intellectual property, and company culture.
- Value-creating experiments usually remain invisible and lie beneath the startup successes that one often hears about. By creating these experiments and nurturing them, we can bring to fruition the next game-changing idea, strengthening innovation, and the world economy.
- To encourage more people to engage in these valuable experiments and become valuable creators, we need to continue to foster the qualities of imagination and empathy. Making newer technologies readily available to those with a passion for experimentation is imperative for turning groundbreaking ideas into viable commercial endeavors.
- The article points out that by only focusing on research and development and start-ups creation, one misses out on the crucial element that underlies exceptional breakthroughs; the value-seeking experiments.
- The author concludes that by tapping into the human inventiveness and creativity that value-seeking experiments offer and creating more spaces for them, we can generate the next Google, Facebook, or Apple without the encumbrance of commercial success.
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