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Startup News
Inc42
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Zomato Gets Board Nod To Raise INR 8,500 Cr Via QIP
- Zomato has received board approval to raise INR 8,500 Cr via qualified institutional placement (QIP).
- The fund raising committee will decide the structure, form of issuance, price, and terms and conditions of the QIP.
- Zomato aims to enhance its cash balance in order to compete with rivals in the foodtech industry.
- The company plans to strengthen its balance sheet and has no immediate plans for acquisitions or minority investments.
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Economic Times
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Blinkit unit economics hit in July-September on back of investment ramp up
- Zomato-owned Blinkit reported an adjusted Ebitda loss of Rs 8 crore in Q2FY25.
- The company cited heavy investments in infrastructure expansion as the reason for deteriorating margins.
- Blinkit added 152 net new stores and seven warehouses in the same quarter.
- The company plans to have 1,000 dark stores by the end of this fiscal and 2,000 dark stores by the end of 2026.
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VIE Stories
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Saathi Svatantra Microfin Login, Loan Status and Details
- Saathi Svatantra Microfin is a microfinance institution that aims to provide financial services to low-income individuals and small businesses in India.
- It offers financial products such as microloans, insurance, and savings accounts to improve livelihoods.
- Advent International and Multiples are set to invest $230M in Ananya Birla's Svatantra Microfin.
- Saathi Svantra Microfin focuses on financial inclusion, empowerment, and financial literacy for its clients.
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Yourstory
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OYO Founder Ritesh Agarwal introduces new B2B product
- OYO Founder Ritesh Agarwal introduces Oravel Travel Solutions, the company's B2B product.
- Oravel Travel Solutions aims to offer seamless corporate travel and event planning with special corporate rates, comfortable stays, meal plans, conference setups, and event support.
- Oravel Travel Solutions has successfully executed events and stays for clients including Tech Mahindra, Cult fit Healthcare, Sun TV Network, V Mart Retail, and more.
- OYO recently expanded its leadership team and is set to acquire G6 Hospitality to strengthen its global operations.
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Inc42
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66
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Zomato’s Q2 Profit Declines 30% QoQ To INR 176 Cr
- Zomato's consolidated net profit declined 30% to INR 176 Cr in Q2 FY25.
- Operating revenue grew over 14% to INR 4,799 Cr in Q2 FY25.
- Food delivery gross order value rose 5% to INR 9,690 Cr in Q2 FY25.
- Zomato plans to launch the new app District and raise up to INR 8,500 Cr via QIP.
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Yourstory
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150
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Former OYO finance chief Abhishek Gupta moves to Lenskart
- Former OYO finance chief Abhishek Gupta has joined Lenskart as the CFO.
- Gupta joined OYO in June 2015 and was responsible for various financial functions.
- He announced his departure from OYO in December.
- Gupta replaces Mukti Hariharan as the CFO of Lenskart.
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Startup Pedia
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Nvidia Offers to Jointly Develop New Customized Chip for India
- American tech giant Nvidia has proposed to jointly develop a customized chip with India.
- Nvidia aims to leverage India's chip design base to build an India-specific chip.
- The co-developed chip could be customized for various applications, including Indian Railways' security system.
- Nvidia CEO Jensen Huang is visiting India to finalize the details of the proposed partnership.
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Economic Times
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Zomato to raise Rs 8,500 crore via QIP to fight quick commerce competition
- Zomato's board approves plan to raise Rs 8,500 crore via QIP
- Zomato aims to enhance cash position to compete in the current competitive climate
- Zomato wants to be on a level playing field with competitors who are raising additional capital
- Zomato's cash balance declined to Rs 10,813 crore as of September 30 due to acquisition
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Medium
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What You Need to Know About Investing in Global Tech Companies
- Invext only accepts investments from accredited investors.
- Investments are made through Special Purpose Vehicles (SPVs) set up as Limited Liability Companies (LLCs).
- SPVs have a 10-year life cycle with an option to extend.
- Investors are responsible for paying personal income taxes on profits earned through the SPV.
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Inc42
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Zouk Pockets $10 Mn To Capitalise On Its D2C Lifestyle Offerings
- Mumbai-based D2C lifestyle brand Zouk has raised $10 Mn in a Series B funding round led by Aavishkaar Capital.
- The funds will be used to expand Zouk's offline presence and strengthen its brand awareness and supply chain.
- Zouk has secured a total funding of $14.5 Mn till date and plans to build a large consumer brand from India for the world.
- Zouk offers handcrafted hand bags, shoulder bags, laptop bags, footwear, wallets, and other accessories.
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Eu-Startups
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Danish agtech FarmDroid secures €10.5 million for its autonomous, solar-powered agricultural robot
- Danish agtech startup FarmDroid has secured €10.5 million in funding to accelerate the expansion of its autonomous, solar-powered agricultural robot.
- The funding round was led by Convent Capital, with participation from EIFO and Navus Ventures, providing a total of nearly DKK 80 million.
- FarmDroid's robot can sow, remove weeds, and reduce pesticide usage with a new micro spray system, all while operating continuously in the field, powered by solar energy.
- The investment will help FarmDroid expand globally, targeting both organic and conventional open-field farming, to enhance efficiency and promote sustainable agriculture.
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VIE Stories
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1xBet Mobile Application Review in Bangladesh
- The 1xBet mobile app offers a seamless experience for users in Bangladesh
- User-Friendly Design and Navigation
- Attractive Bonuses and Promotions
- Robust Security and Licensing in the 1xBet mobile app
- Diverse Payment Methods
- Efficient Customer Support
- Comprehensive Guide to Sports Betting on 1xBet Mobile App
- Cricket Betting Opportunities
- Football Betting on European Leagues
- Tennis Betting for Avid Fans
- Exploring Basketball Betting
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SiliconCanals
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Polish identity verification startup Authologic raises €7.5M from YCombinator, Peak Capital, others
- Polish identity verification startup Authologic has raised €7.5M in a Series A funding round led by OpenOcean.
- Authologic's platform simplifies identity verification, combating fraud and ensuring compliance using secure e-ID solutions.
- The company offers a unified e-ID platform that integrates with existing KYC infrastructures, eliminating the need for outdated practices.
- Authologic aims to revolutionize online identity and expand internationally, serving clients such as Santander Leasing and eToro.
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Yourstory
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Startup news and updates: Daily roundup (October 22, 2024)
- BlackSoil invests over ₹230 Cr across 11 companies, with investments in financial institutions, healthcare, logistics, and consumer businesses. Assets Under Management (AUM) grew by ~25% YoY.
- Bizom acquires Rhythm 2.0 Sales Route Optimiser, aiming to support traditional retailers with digitization and expand Bizom's capabilities in the RTM tech space.
- ideaForge launches FLYGHT Franchise, India's first app-based Drone as a Service (DaaS) model, empowering businesses with UAV technology and comprehensive support.
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SiliconCanals
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EU launches ‘Trusted Investor Network’ to support European deep-tech companies
- The European Commission has launched the EIC Trusted Investor Network to support deep-tech companies in Europe.
- The network aims to facilitate co-investment opportunities for deep-tech champions and provide a collaborative platform for investors.
- It consists of 71 European investors, representing over €90B in assets.
- The launch was part of the first EIC Scaling Summit, where 120 companies were selected from the EIC portfolio and national programmes.
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