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Yourstory
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Nithin Kamath, Kunal Shah-backed edtech Stoa is winding down
- Nithin Kamath and Kunal Shah-backed edtech startup Stoa is winding down after 4 years of operations.
- The decline in interest for online live-learning post-pandemic led to the decision to close operations.
- Stoa offered an alternative MBA program and competed with other edtech startups.
- The founders of Stoa will explore new opportunities while the edtech industry faces adjustments.
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ISN
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IIT Madras partners with ISRO to establish research center for spacecraft and launch vehicle thermal management
- IIT Madras and ISRO have collaborated to establish a research center for spacecraft and launch vehicle thermal management.
- ISRO has provided an initial seed funding of Rs 1.84 crore for the center.
- The center aims to address thermal management challenges and drive innovation in India's space program.
- Key research goals include thermal management research, advanced projects, funding and infrastructure, and industry-academia collaboration.
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Inc42
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DroneAcharya’s H1 Profit Slides 62% To INR 1.50 Cr
- Drone company DroneAcharya Aerial Innovations’ H1 profit after tax (PAT) decreased by 62.1% to INR 1.50 Cr compared to the same period last year.
- The company's revenue from operations increased by 28.8% to INR 26.90 Cr in H1 FY25.
- Total expenses rose by 51.8% to INR 25.23 Cr, primarily due to increased spending on purchasing materials.
- DroneAcharya's decline in profit is contrary to its claim of targeting 200% growth in revenue, EBITDA, and PAT in FY25.
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Inc42
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Funstop Games Raises $5 Mn To Accelerate Game Development
- Gaming studio Funstop Games has raised $5 Mn in its Series A funding round, led by 360 ONE Asset.
- The funding will be used to expand ad-tech capabilities and grow the portfolio of games.
- Funstop Games has over 100 Mn downloads globally and generated $4 Mn in revenue.
- The investment allows the company to scale operations and bring Indian storytelling to a global audience.
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Hitconsultant
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Fort Health Secures $5.5M to Expand Pediatric Mental Healthcare in Texas and Illinois
- Fort Health has raised $5.5 million to expand mental health care into more pediatricians' offices.
- The funding round was led by Twelve Below and Vanterra, bringing the total amount raised to $16 million.
- Fort Health operates in New Jersey, New York, and Pennsylvania, and will expand into Texas and Illinois through a partnership with NovaWell.
- The expansion aims to address the acute mental health crisis among teenagers and provide accessible mental health care in states with high treatment gaps and youth suicide rates.
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ISN
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Tech-enabled pioneering fertility platform India IVF raises $1.25 million
- India IVF, a tech-enabled pioneering fertility platform, has raised $1.25 million in pre-Series A funding from Tomorrow Capital.
- This is India IVF's first external funding since its inception.
- The funding will drive India IVF's expansion across North India.
- India IVF aims to provide advanced fertility solutions to underserved communities.
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Economic Times
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Dealshare FY24 revenue falls 75% post restructuring, loss narrows to a third
- Dealshare, a hyperlocal e-commerce unicorn, reported a 74.5% drop in operating revenue to Rs 499 crore in FY24.
- The company reduced its loss to Rs 167 crore, a third of the previous year's figure.
- Dealshare closed its B2B segment and fired 230 employees following a business review.
- The company's headquarters moved from Bengaluru to Gurugram and it has raised $387 million in equity funding.
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Inc42
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BYJU’S Creditors Seek Removal Of Insolvency Manager
- The consortium of BYJU’S creditors, including US-based lenders Glas Trust, have urged the National Company Law Tribunal (NCLT) to remove the insolvency resolution professional (RP), Pankaj Srivastava.
- The RP has faced criticism for creating confusion and chaos, issuing notices to certain creditors and canceling decisions.
- Another creditor, Aditya Birla Finance, also supports the appeal for the removal of the RP, stating that only one party has been accepted as a financial creditor for BYJU’S.
- The next hearing at the NCLT is scheduled for November 18.
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Pymnts
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Citigroup CEO Jane Fraser: Clients Focused on Launching M&A Activity
- Pent-up demand for mergers and acquisitions (M&A) activity has been released by the election of Donald Trump, Citigroup CEO Jane Fraser said.
- Fraser mentioned that Citigroup's clients are now focused on launching M&A activity after waiting for the right time.
- There is a growing demand for M&A activity across industries as companies recognize the need to scale up for competition.
- Citigroup is implementing a restructuring strategy and has recently made moves such as working on private credit deals and promoting its services business.
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Yourstory
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Razorpay partners with Peak XV, Lightspeed to back B2B startups with up to $1M
- Digital payments unicorn Razorpay has launched the Venture Investment Programme to support early-stage B2B startups.
- The program will invest up to $1 million per startup in 10-15 early-stage ventures annually, spanning sectors such as fintech, healthcare, education, logistics, and hospitality.
- In addition to funding, startups will receive access to Razorpay's API suite, mentorship from leadership, and introductions to distribution networks and product partnerships.
- Startups enrolled in the program will also become members of Razorpay Rize, a community offering networking opportunities and curated benefits.
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TechJuice
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Kangaroo Care AI Secures Rs. 3 Crore Deal in Shark Tank Pakistan
- Kangaroo Care AI, Pakistan’s first AI-powered incubator manufacturer, secures a Rs. 3 Crore deal with 25% equity from all the sharks in Shark Tank Pakistan.
- Kangaroo Care AI specializes in developing state-of-the-art infant incubators and their flagship product is a desktop application that enables real-time monitoring and control of infant incubators.
- The AI-based incubators provide effortless operation and monitoring of newborns, even in critical situations, revolutionizing neonatal care.
- Kangaroo Care AI also focuses on providing exceptional customer service, training, and ongoing support to ensure optimal system performance.
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Yourstory
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Google-backed space tech Pixxel sees 2X revenue growth in FY24
- Google-backed space tech firm Pixxel witnessed a 2X increase in revenue from operations in FY24.
- The company reported Rs 28.7 crore in operating revenue, an 87.2% YoY increase from the previous year.
- However, its losses widened to Rs 20.4 crore in FY24 due to higher expenses, which rose by 92.3% YoY.
- Pixxel raised Rs 185.4 crore via rights issue and plans to use the funds for satellite creation and achieving sustainable growth.
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ISN
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OnePlay onboards NODWIN Gaming co-founder Akshat Rathee as investor and advisor
- OnePlay announces the onboarding of Akshat Rathee, co-founder of NODWIN Gaming, as an investor and advisor.
- Rathee's experience in gaming and esports, along with his entrepreneurial background, will aid OnePlay in revolutionizing cloud gaming and expanding its reach.
- OnePlay aims to leverage Rathee's expertise to grow its presence in the Indian gaming market and beyond.
- Through strategic partnerships and funding, OnePlay plans to enhance its technology infrastructure and game library for improved user experiences.
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Siliconangle
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LocalStack nabs $25M investment for its public cloud emulator
- Swiss developer tooling provider LocalStack GmbH has raised $25 million in an early-stage funding round.
- The funding round was led by Notable Capital, with participation from CRV and Heavybit.
- LocalStack offers an open-source tool that allows developers to emulate an Amazon Web Services environment on their local machines.
- The platform helps developers test cloud applications, infrastructure configurations, and enables chaos engineering and database migration testing.
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Yourstory
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How technology can strengthen fraud risk management in financial institutions
- Financial institutions have seen a significant increase in fraud cases with losses incurred from such cases experienced by both the institutions and their customers.
- Two types of frauds occur in banking systems, and they include those that defraud the public and those that defraud the bank.
- The first category of fraud happens mostly due to the carelessness of individuals and can be prevented by a heightened sense of awareness and the protection of personal financial details.
- On the other hand, most of the second category of fraud can be traced to neglect in vetting the credit profiles or documents presented by borrowers and bank officials' corruption, according to the Reserve Bank of India (RBI).
- Private sector banks report a higher number of frauds, while public sector banks continually report the highest total fraud amount, according to the RBI.
- Artificial intelligence and machine learning can help bridge the human error and language barrier during onboarding and real-time monitoring of collateral throughout the loan cycle.
- The use of technology can also reduce the risk of fraud from collaterals focusing on farm loans against agricultural lands.
- Recently, the RBI revised its risk management directions for regulated entities, enabling concurrent auditors to examine and report on the authenticity of title documents for large-value loans.
- Real-time monitoring of collaterals will also give banks ample time for legal action and reduce the risk of borrowers fleeing.
- Aside from complying with directions from the RBI, banks can raise borrower awareness and sensitivity, emphasizing the implications of submitting incorrect documents.
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