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BharatPe FY24 Revenue Surges To INR 1,426 Cr
- BharatPe's consolidated revenue from operations grew 39% to INR 1,426 Cr in FY24.
- Consolidated EBITDA loss declined 75% to INR 209 Cr in FY24.
- Net loss reduced to INR 941 Cr in FY24.
- BharatPe's lending portfolio saw a 40% YoY growth in FY24.
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BharatPe cuts EBITDA loss in FY24 by 75%; revenue from operations up 39%
- BharatPe reduces EBITDA loss by 75% to Rs 209 crore in FY24.
- Revenue from operations increases by 39% to Rs 1,426 crore.
- Consolidated loss before tax decreases by 50% to Rs 474 crore.
- BharatPe plans to focus on growing its lending vertical and launching new products.
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ISN
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Delhi-based CEO shares job seeker's text with glaring mistakes, says, 'Can we please use AI not-blindly?'
- Ananya Narang, the founder of content-as-a-service platform Entourage, shared a screenshot of a job application with glaring mistakes.
- The candidate had used a generic AI-generated template without replacing the placeholders.
- Narang commented humorously about the oversight and highlighted it as a common issue in her hiring experience.
- Netizens reacted with amusement, suggesting humorous responses and sharing similar experiences.
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EQT-backed Indium acquires majority stake in Experion
- Private equity firm EQT-backed Indium Software has acquired a majority stake in Experion, a global product engineering services company.
- The acquisition aims to help clients across various sectors by utilizing Experion's product engineering capabilities.
- The financial details of the acquisition remain undisclosed.
- The acquisition will expand Indium's geographic footprint and workforce to 5,000 employees globally.
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Inc42
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Prime Video To Include Ads In Shows, Movies In India From Next Year
- Amazon Prime Video will display ads in India starting from next year.
- The ads will be limited and there will be a new ad-free option.
- The current Prime membership cost will remain unchanged in 2025.
- Amazon is expanding its content slate and facing regulatory hurdles in India.
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SiliconCanals
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Czech sportstech startup Eyeball.Club secures €5M Seed round: Know more
- Czech sportstech startup Eyeball.Club has secured €5M in a Seed funding round.
- The funding round was led by Vendep Capital with participation from Sportlogiq, Heartland, and Founderment.
- Eyeball.Club will use the funds to expand into the U.S. and Latin American markets and enhance its technology capabilities.
- The company's platform digitizes the scouting process in football through AI-powered data analytics.
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6G standards, regulations must ensure inclusivity for all: Scindia
- The standards and regulations around 6G should ensure inclusivity and affordability for all, according to communications minister Jyotiraditya Scindia.
- Scindia emphasized the need for 6G standards to be characterized by speed, low latency, and transformative applications that are accessible and affordable for everyone.
- He also highlighted the importance of cybersecurity for individuals taking advantage of the 6G technology.
- India, with its significant number of STEM graduates and technological capabilities, has the potential to contribute to the formulation of 6G regulations.
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Startup news and updates: Daily roundup (Oct 16, 2024)
- PetStrong, a Gurugram-based pet food company has raised an undisclosed amount of funding from Auxano Capital.
- AI B2B SaaS platform Tablesprint has raised around $1 million in funding. The platform offers customisable building blocks tailored for specific business processes like sales, orders, purchases, HR, and more.
- Gen AI SaaS startup Alchemyst AI has raised $300,000 in a pre-seed round led by Inflection Point Ventures, 100Unicorns, and Early Seed Ventures.
- Fashion brand ANNY has closed its seed funding round led by FAAD Capital. The funds will be used to accelerate ANNY’s expansion.
- Red Fort Capital, an investment-grade NBFC, has raised Rs 22.6 crore in debt funding and has crossed the milestone of Rs 100 crore in assets. This achievement marks a key regulatory threshold.
- Drone start-up Garuda Aerospace has deployed advanced drone capabilities in Chennai to support the Greater Chennai Corporation for disaster management’s rescue efforts amid the ongoing floods in the city.
- TrioTree Technologies, a healthcare IT solutions provider, has expanded to the Bahrain and Saudi Arabian markets, further solidifying its presence in the Middle East.
- Ecom Express is spotlighting the contributions of its female delivery partners, reinforcing its commitment to gender inclusivity across the logistics industry.
- InCred Insight Partners, a provider of consulting services for financial institutions, partnered with Solytics Partners, an advanced analytics and compliance solutions provider.
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Dev
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How to Find Developer for Equity: A Comprehensive Guide
- Low on cash flow can't afford to pay a developer then work on equity can help in such case. It is a model where a developer agrees to work on your project in lieu of cash compensation for equity or ownership in your company.
- It is essential to understand the type of equity compensation prior to starting your search for a developer. The compensation type can be provided in three ways which are stock options, restricted stock units, or direct equity stake.
- When finding the right developer, you can leverage your network by asking friends and family, professional contacts or finding them at meetups. Use online platforms like Freelance websites, startup-specific platforms or developer communities to find potential candidates.
- When communicating your vision, it is necessary to share your goals and objectives along with the company's culture. Explain the work environment and values for attracting developers that have a similar mindset.
- Define the roles and responsibilities and establish specific tasks, timeline and scheduling of communication. Discuss the equity allocation, vesting schedule, exit clauses, confidentially and ownership of work done with legal consideration.
- Foster open communication, create a collaborative environment and recognize contributions to establish a productive relationship with the developer.
- Hiring a developer willing to accept stake in the business is cost-effective and a productive way of developing your business. The equity agreement type and maintaining a good working relationship are the keys to success.
- The purpose of this process is not only to construct a product but to set up a partnership that will help your startup to move forward and evolve into an innovative business.
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Biogas startup Sistema.bio raises $15M to expand across Asia, Africa, and Latin America
- Biogas tech startup Sistema.bio has raised $15 million in funding to expand across Asia, Africa, and Latin America.
- The funding, led by ElectriFI and supported by existing investors, will drive the company's growth.
- Sistema.bio's biogas units convert animal waste into clean energy and fertilizer, preventing over 1 million tons of CO2 emissions annually.
- The company aims to empower one million farmers by 2025 and reduce 1% of global emissions by 2030.
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Why Slow Fashion is Here to Stay: Mulya Creation's Eco-Friendly Revolution
- Mulya Creation, a Dehradun-based startup founded by sisters Alisha and Dr. Ankita Maindoliya, is championing the slow fashion movement.
- Slow fashion promotes mindful consumption, longevity, and ethical production, as a response to the detrimental effects of fast fashion on the environment.
- Mulya Creation uses eco-friendly practices like eco-printing with natural dyes made from discarded flowers and fruit peels, reducing environmental impact.
- The brand aligns with the values of conscious consumerism, offering transparency in their eco-friendly production methods and empowering marginalized women through vocational training and income opportunities.
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Yourstory
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Cleaning India’s Rivers: Unscene Innovation's Robotic Revolution
- Unscene Innovation, a startup based in Dehradun, India, is using autonomous technology to tackle water pollution.
- Their flagship product, Amit, is an autonomous watercraft designed to remove plastic waste and pollutants from water bodies.
- The startup has secured ₹10 lakh in seed funding and plans to launch two more innovative products in the near future.
- By targeting government bodies, NGOs, and private industries, Unscene Innovation aims to generate revenue by 2025 and make a significant impact in the environmental tech space.
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Stockholm-based node.vc closes €71 million fund to drive a founder-first Nordic ecosystem
- Stockholm-based venture capital firm node.vc has closed a €71 million fund to build an ecosystem for entrepreneurs.
- Cornerstone investors include Saminvest and leading Nordic institutional investors.
- node.vc aims to support founders through its extensive network and provide more than just capital.
- The firm's investment strategy focuses on collaboration and disruptive innovation across various industries.
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Yourstory
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World's Highest Gamma Ray Telescope in Ladakh: Unveiling New Cosmic Frontiers
- India has inaugurated the world’s highest imaging gamma-ray telescope, known as the Major Atmospheric Cherenkov Experiment (MACE), in Ladakh’s Hanle region.
- MACE telescope is the largest imaging Cherenkov telescope in Asia and will contribute to studying cosmic wonders like supernovae, black holes, and gamma-ray bursts.
- The telescope's strategic location in Hanle Dark Sky Reserve allows for precision gamma-ray observations with minimal atmospheric interference.
- Besides advancing space science, MACE aims to inspire local communities and contribute to Ladakh’s socio-economic development through engagement and opportunities in astrophysics and astronomy.
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ISN
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IndiGo Ventures gets SEBI approval to launch venture capital fund to invest in startups
- IndiGo Ventures, the corporate venture capital fund of IndiGo, has received approval from SEBI.
- The fund aims to invest in startups that redefine the future of aviation and related sectors.
- It will focus on pre-Series A, Series A, and Series B funding rounds.
- IndiGo has launched GoIndiGoVentures.com as the portal for accessing information about the fund.
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