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SiliconCanals
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Payment industry veterans launch Velocity with €8.9M to build the OS for digital finance
- Velocity, a financial infrastructure platform, secured a $10M pre-seed funding round to launch the operating system for digital finance.
- The funding round was led by Activant Capital, with participation from other investors including Fuel Ventures, Triton Capital, Fabric Ventures, Commerce Ventures, and Preface Ventures.
- Founded by payments industry veterans, Velocity aims to eliminate inefficiencies in legacy banking by offering a platform that connects banks, blockchains, and AI to streamline financial operations.
- Velocity's focus is on bridging the gap between stablecoin infrastructure and the needs of large global businesses, simplifying cross-border payments, managing liquidity, and enhancing treasury functions.
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Pymnts
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Citi to Sell Polish Consumer Banking Business Amid ‘Strategic Refresh’
- Citi Handlowy, a Polish banking business majority-owned by a Citigroup subsidiary, plans to sell its consumer banking business to VeloBank S.A.
- The transaction, expected to close by mid-2026, is part of Citi's strategic refresh involving sales and wind downs of international consumer businesses.
- The deal excludes Citi Handlowy's institutional businesses, which the bank will continue to invest in and grow.
- Citi's focus on simplifying its firm has led to changes in its global retail banking, including exiting the consumer banking market in Mexico and selling consumer banks in several countries.
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Economic Times
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Ola Electric slips to number three in EV two-wheeler market as legacy players gain ground
- Ola Electric slipped to the third position in India's electric two-wheeler market in May, losing ground to TVS Motor and Bajaj Auto.
- Ola Electric's market share shrank to 20% in May, down from 22.1% in April.
- TVS Motor and Bajaj Auto gained market share, while Ather Energy also reported a drop in market share in May.
- Ola Electric faces operational and regulatory challenges, including discrepancies in reported sales data and concerns over vehicle quality.
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Economic Times
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Exclusive: Unacademy founders Munjal, Saini set to exit, shift focus to AirLearn
- Gaurav Munjal, co-founder of Unacademy, is stepping down as CEO, with Sumit Jain taking over amid a shift in focus to the language learning app AirLearn.
- Fellow co-founder Roman Saini is also moving out of an active role at the firm.
- The three founders had started Unacademy as a YouTube channel a decade ago.
- The exits follow internal discussions and struggles in Unacademy's online business.
- Unacademy has been pivoting towards an offline strategy with physical coaching centers.
- The board includes representatives from SoftBank, General Atlantic, and others.
- Incoming CEO Sumit Jain joined Unacademy in 2020 after selling his startup Opentalk to the company.
- Munjal's exit is due to his disinterest in running offline coaching centers.
- The founders are expected to receive a cash payout while retaining their shares in the company.
- Unacademy's focus on AirLearn, a language learning app, has led to debates within the board.
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Economic Times
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Private equity firm L Catterton to raise $600 million for its first India-dedicated fund
- L Catterton, a private equity firm backed by LVMH, plans to raise $600 million for its debut India-focused fund.
- IFC will invest $30 million in the L Catterton India Fund-I with an additional co-investment amount of $30 million.
- The India-dedicated fund will primarily back companies in segments like food and beverages, consumer services, and consumer brands.
- L Catterton's portfolio includes investments in companies like Sugar Cosmetics, Farmley, Drools, Impresario, and Jio Platforms.'
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Economic Times
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Japan's reusable rocket startup ISC eyes US test launch in December
- Japan's rocket startup ISC plans to test-launch a prototype in the US in December using an American engine to address Japan's rocket shortage.
- ISC's ASCA 1.0 reusable launcher will conduct a 100-meter flight and landing test at Spaceport America, New Mexico, aiming to build an orbital launch vehicle by 2028.
- ISC, founded in 2022, aims to offer space transportation services for Japanese satellite makers at a cost-competitive rate with partnerships with firms like WAAM3D and subsidies from the Japanese government.
- The company plans to lower the per-launch cost of lifting a 100kg satellite to space to 500 million yen and has partnered with U.S. company Ursa Major for engine technology to achieve safe and cost-effective access to space.
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Medium
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Beyond the Grind: Your Guide to Growing a Sustainable Service Business with TheFixers.App
- TheFixers.App is a platform for skilled professionals and growing service businesses in Melbourne, Australia, aiming to provide a better solution in the competitive marketplace.
- Updates include mandatory verification for service providers, giving them a competitive edge through public liability insurance and active business registration.
- The platform empowers service providers to define their services and pricing models, attracting clients who value expertise over lower pricing.
- New features like 'Team Up Opportunities' for collaboration, 'Refer & Earn' program for community-driven leads, and Stripe Delayed Payments for secure transactions aim to support business growth and sustainability.
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Inc42
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Trust Fintech’s Profit Declines 28% To INR 9 Cr In FY25
- Trust Fintech's standalone net profit declined by 28% to nearly INR 9 Cr in FY25 compared to INR 12.57 Cr in the previous fiscal.
- In H2 of FY25, the company witnessed a 26.4% drop in standalone profits to INR 3.84 Cr from INR 5.22 Cr in the same period last year.
- Standalone operating revenues of Trust Fintech fell by 10.8% to INR 31.26 Cr in FY25, and the standalone topline decreased by 10.2% YoY to INR 14.57 Cr in H2 FY25.
- Trust Fintech's total expenses rose by 26.3% to INR 23.48 Cr in FY25, with significant increases seen in Employee Benefit Expenses, Other Expenses, and Cost of Materials Consumed.
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Inc42
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Can Bira 91 Reclaim Its Crown?, CARS24 Axes 120 Jobs & More
- Bira 91 faces challenges after dropping 'Private' from its name, resulting in a decade setback and financial struggles.
- The brand had to halt sales, recall products, and write off inventory worth INR 80 Cr due to the name change.
- Despite wide presence, most of Bira 91's sales came from Delhi and Andhra Pradesh, impacting by the name change.
- The company aims to raise $100 Mn by Q2 FY26 to stabilize operations and regain market share with strategic precision.
- Bira 91 plans to expand to tier II and III cities and focus on revenue growth and cost reduction amidst financial liabilities.
- CARS24 is laying off 120 employees from non-core verticals, following a previous layoff of nearly 200 employees.
- OYO has revived its IPO plans and aims to file its DRHP with SEBI by September this year.
- Info Edge's Q4 PAT surged 8X, posting a consolidated net profit of INR 677.9 Cr, with operating revenue growing by 14% YoY.
- OrbitAID, a spacetech startup, is developing in-orbit refuelling solutions for satellites to reduce space debris and enhance sustainability.
- OrbitAID tested its SIDRP technology in zero gravity and secured funding of $1.5 Mn to advance in-orbit refuelling innovation.
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Inc42
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How NEWME Hit Gen Z’s Fashion Nerve To Clock INR 180 Cr In 3 Years
- NEWME, a fashion brand focused on Gen Z consumers, has emerged as a key player in the fast fashion industry by offering trend-led designs at affordable prices, clocking INR 180 Cr in revenue in just three years.
- Founded in 2022 by Sumit Jasoria, NEWME releases over 500 fresh designs weekly and has a user base of 7 Mn+ customers, backed by investors like Accel Partners and Fireside Ventures.
- The startup operates 14 retail stores across India and has entered the quick commerce space, providing 90-minute deliveries in Delhi and 60-minute deliveries in Bengaluru with plans for further expansion.
- Despite rapid growth, NEWME faced early challenges such as inventory management and delivery time issues, but focused on a tech-driven, data-backed approach to overcome them.
- With a focus on achieving breakeven, NEWME plans to become an INR 1,000 Cr+ brand in the next five years, emphasizing offline store expansion and growth in the quick commerce segment.
- NEWME's growth playbook includes leveraging data-driven trend forecasting, AI-powered search, and hyper-personalized demand prediction tools, while maintaining a tech-first approach to stay ahead in the industry.
- The brand's strategic move into quick commerce and investments in building strong leadership and tech capabilities highlight its commitment to blending fashion with technology to cater to Gen Z preferences in the Indian market.
- Challenges such as managing supply chain dynamics, inventory in a trend-driven market, and competition from established players like Shein pose ongoing hurdles that NEWME is navigating as it aims for sustainable growth.
- As NEWME continues to innovate and expand its product offerings beyond clothes to press-on nails and perfumes for Gen Z women, the brand's ability to rein in losses while scaling rapidly will be crucial for its long-term success.
- By addressing operational inefficiencies, implementing a lean inventory model, and focusing on talent acquisition for tech advancements, NEWME seeks to establish itself as a leading player in the fast fashion segment, balancing growth with sustainability.
- In a market driven by Gen Z preferences, NEWME's blend of fashion and technology sets it apart, but the brand will need to navigate intense competition and financial challenges to solidify its position as a dominant force in the Indian fashion industry.
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Gritdaily
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Michael Merlin’s Book Financial Longevity Gives Back to Financial Education
- Michael Merlin, Certified Financial Planner and founder of Merlin Wealth Management, emphasizes the importance of developing strong financial habits at any age in his new book, Financial Longevity.
- The book focuses on the concept of 'wealth span,' highlighting the connection between financial security, lifespan, and quality of living.
- Proceeds from the book go towards supporting The Perpetual Path Foundation, a non-profit organization dedicated to enhancing financial education in schools.
- Merlin's passion for education is evident through his efforts to promote financial literacy and provide accessible financial education programs for individuals of all ages.
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Inc42
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Can Bira 91 Reclaim India’s Craft Beer Crown After Its Yearlong Hibernation?
- Bira 91 faced challenges due to its legal entity B9 Beverages Private Limited, leading to a tumultuous period involving share transactions and reacquiring licenses.
- The company underwent significant business disruption, including a mass recall, product write-offs, and unpaid dues, resulting in manufacturing unit shutdowns and job losses.
- CEO Ankur Jain detailed the reasons behind the disruption and emphasized the need for repairing the business and achieving profitability.
- Bira 91 plans a substantial fundraise to revive itself, with a focus on leaner strategies and rebuilding trust in the brand amidst intense competition.
- The company's growth and challenges, including risky sales concentration, high trade activity, and licensing complexities, have impacted its financial health.
- Bira 91 looks to expand into Tier II and III cities, optimize costs, and increase revenue streams to achieve profitability by the end of FY26.
- Facing cash flow constraints and liabilities, Bira 91 aims to address these issues through equity infusion and other capital-raising measures.
- The Indian beer industry competitive landscape is changing rapidly, with evolving consumer preferences and intensified market dynamics affecting brands like Bira 91.
- CEO Jain acknowledges the challenges ahead, including repairing distribution networks and rebuilding market presence to regain Bira 91's former status.
- While Bira 91 navigates its revival path, the next year poses a critical period for the company, requiring a blend of financial backing and strategic reinvention.
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18 Likes
Siliconangle
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100
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Check Point, Zscaler ink startup acquisitions in latest round of cybersecurity consolidation
- Check Point Software Technologies Ltd. and Zscaler Inc. have announced startup acquisitions to enhance their cybersecurity offerings.
- Check Point is acquiring Veriti Security Ltd., specializing in vulnerability detection, while Zscaler is purchasing Red Canary Inc., known for managed detection and response services.
- Veriti's platform automatically scans for vulnerabilities without agent installations, uses AI to prioritize issues and predict business impact, and offers virtual patching tools.
- Zscaler, aiming to strengthen Red Canary's MDR capabilities with its data insights, expects to close the acquisition by August, while Check Point plans to integrate Veriti's technology into its Infinity offering.
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Gritdaily
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417
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From Urban Planning to Super Apps: Kseniia Maiorova on Lean Product Leadership
- Kseniia Maiorova emphasizes the importance of serving a clear business need for products to succeed, now leading Super App and Integrations at inDrive.
- Her product leadership approach focuses on speed, simplicity, and user-centricity, balancing innovation with business outcomes.
- Maiorova's past projects include shaping public policy with urban livability indexes and launching pandemic-era tools for students, emphasizing the importance of translating complex solutions into actionable insights.
- She has now shifted her focus to leading the Super App transformation at inDrive, aiming to create seamless, personalized experiences through integrated mobility.
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25 Likes
Dev
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353
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Best Compliance Automation Tools to Streamline Your Business
- Compliance automation tools are essential for maintaining trust at scale in cloud-native environments by automating compliance monitoring and reducing human error.
- Manual compliance monitoring is outdated and error-prone, leading to risks such as infrastructure vulnerabilities and data breaches.
- Key challenges faced by teams include sprawling infrastructure, evolving regulations, and lack of awareness about policy violations until it's too late.
- Top compliance automation tools like AWS Config, Prisma Cloud, Terraform Sentinel, Open Policy Agent, and Cloud Custodian help teams automate workflows, audit continuously, and improve control in fast-paced environments.
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