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Yourstory
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Digital insurer Acko crosses Rs 2,000 Cr revenue mark in FY24
- Digital insurer Acko has crossed the Rs 2,000-crore revenue mark in FY24.
- Acko reported a narrower loss for FY24, with total losses at Rs 669.98 crore, down 9.28% from FY23.
- The largest share of Acko’s expenditures was recorded as 'other expenses', which surged 12.85% to Rs 2,455.77 crore.
- Acko paid Rs 829.83 crore in claims, a 3.54% increase over FY23.
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Yourstory
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Adobe launches GenStudio to accelerate marketing campaigns with GenAI
- Adobe has launched Adobe GenStudio for Performance Marketing, a GenAI application.
- The platform enables brands to access a unified, self-service application for designing paid social advertisements, display ads, banners, marketing emails.
- It allows collaboration between creative teams and marketing teams, with tools for finding brand-approved assets and creating content variations.
- Adobe GenStudio for Performance Marketing integrates with Adobe Experience Cloud and Adobe Creative Cloud tools.
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Yourstory
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Women Entrepreneurs Empowering Rural Communities: A Tale of Economic Transformation
- As of January 2024, the number of women-led MSMEs in India has reached nearly 4.7 million, marking a 68.17% surge from March 2023.
- Women entrepreneurs are projected to create between 150 and 170 million jobs by 2030, potentially boosting India's GDP growth to 8%.
- Renuka Mishra, Founder, RenHomz and Preeti Bhandari, Founder, Naturally Pahadi head women-led MSMEs that are empowering rural communities through their innovative approaches.
- RenHomz works with artisans across India to create unique, handmade products that celebrate the country's rich artistic legacy.
- Naturally Pahadi is building a movement that empowers local farmers and promotes sustainable agriculture.
- Walmart Vriddhi is a supplier development program launched in December 2019 in collaboration with Walmart’s program partner Swasti. It provides MSMEs access to digital training, business advice, and personalised mentorship.
- Mishra learned to optimise her packaging, significantly reducing product breakages during shipping. On the other hand, Bhandari gained insights into data interpretation, allowing her to identify her most promising products and target markets more effectively.
- Mishra's RenHomz has benefited over 150 women artisans and prides itself on empowering artisans to take pride in their work.
- Bhandari's Naturally Pahadi has directly worked with over 150 women artisans and farmers with a substantial boost to rural household incomes.
- Economic empowerment of rural women from women-led businesses has far-reaching effects, from improved family health and education to increased community decision-making power and reduced gender inequality.
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Startupnation
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How Parents of Entrepreneurs Support Alternative Paths
- When their kids chose not to take a traditional job after finally getting a diploma, parents’ support proved crucial to their success.
- Seventy entrepreneurs decided to turn their passion into a career, deviating from pursuing a traditional job.
- Fundamentally each parent followed their child’s lead as they began to pursue their passion.
- Entrepreneurs like Jake and Johnny used a simple product (a T-shirt) to create a multimillion-dollar business.
- Joel Holland declined a six-figure job on Wall Street to concentrate on his passion – building a stock film footage company.
- Paige Mycoskie left a traditional job to sew, and now has 13 stores with more on the way.
- Thomas Vu left his bioengineering course to become executive producer of the hit Netflix series Arcane.
- Encourage your child to do what they love, not what they think others would like them to do.
- Tell them that you want them to pursue their passion, and take a chance on turning their dream into reality.
- Let your child know it’s all right to fail and that failure is how they will learn and grow.
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Gritdaily
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Investing Like the 1%, Commercial Real Estate for All
- REI Capital Growth is a team of financial innovators unlocking the vault of elite investing strategies.
- Their mission? To democratize the realm of commercial real estate wealth, a domain once reserved for the ultra-rich.
- They've engineered the “holy grail” of investing: a long-term, compounding, tax-efficient commercial real estate vehicle that allows anyone to build wealth over time.
- While traditional funds distribute cash to pump up their IRR calculations, REI channels every dollar earned back into acquiring more prime real estate.
- The fund pays income tax at the corporate level, ensuring maximum tax efficiency and accelerating the growth of the fund.
- REI Capital Growth’s reinvestment strategy harnesses the power of compounding by letting your annual earnings compound year after year.
- REI Capital Growth is reimagining commercial real estate investment, staging a financial revolution.
- By weaponizing the strategies of the ultra-wealthy for the benefit of smaller investors, REI Capital Growth is disrupting the industry and igniting a movement.
- Their vision is crystal clear: shatter the barriers that have long kept everyday investors from the wealth-building potential of prime commercial properties.
- As the walls of elite investing crumble, a new era dawns, one where financial escape velocity isn’t a pipe dream but an achievable reality for those bold enough to seize it.
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TechCrunch
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European cyber insurance startup Stoïk secures $27 million
- French cyber insurance startup Stoïk has raised $27 million in a Series B funding round.
- Stoïk offers cyber insurance products specifically designed for small and medium-sized businesses in Europe.
- The company provides coverage for cybersecurity-related claims, including compensating for loss of revenue during cyber incidents.
- Stoïk plans to expand into new European markets and aims to have 5,000 policyholders by the end of 2024.
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VIE Stories
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Top Startups by Students in India
- Zepto is India’s fastest-growing e-grocery company, valued at $1.4 billion.
- Practo is a leading healthcare platform connecting patients with providers worldwide.
- Other student-led startups include Bewakoof, Bluelearn, MarkitUP, Clueso, Slime Space, Radically Yours, Fabence, and Notemybook.
- These startups are inspiring future entrepreneurs with their determination and innovation.
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Inc42
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Exclusive: WestBridge Cofounder KP Balaraj Backs SportsSkill
- WestBridge Capital's cofounder KP Balaraj has invested in sportstech startup SportsSkill.
- The investment will be used to enhance the application's efficiency and expand its reach across schools and training centers.
- SportsSkill offers a subscription-based platform for sports enthusiasts to track and analyze their performances and connect with coaches.
- The startup plans to raise additional funding in the next six months and explore global partnerships next year.
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Yourstory
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Jetapult acquires significant stake in Saudi-based UMX Studio
- Gaming investment company Jetapult acquires a significant stake in Saudi-based UMX Studio.
- The all-cash deal is worth $4.5 million and marks Jetapult's first investment in the Middle East and North Africa region.
- Jetapult aims to expand UMX's portfolio, grow its global audience, and support new game development across various genres.
- Jetapult has pledged $100 million to support game studios in Southeast Asia, MENA, Eastern Europe, and Latin America in the next five years.
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Inc42
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Exclusive: The Good Bug Raises $3.5 Mn From Sharrp, Fireside Ventures
- Mumbai-based D2C startup The Good Bug has raised $3.5 Mn in its Series A extension round from Sharrp Ventures and existing investors Fireside Ventures and cofounder Keshav Biyani.
- The funding round included the allotment of 630 Series A1 and Series A2 compulsory convertible preference shares (CCPS) to the investors.
- The Good Bug plans to use the funding to expand its product portfolio.
- The startup previously raised $3.5 Mn in its Series A funding round, led by Fireside Ventures.
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Inc42
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Now, CleverTap Looking to Join Reverse Flip Parade
- Customer engagement and retention startup CleverTap is reportedly planning to relocate its headquarters from San Francisco to Mumbai, India.
- CleverTap aims to pursue an IPO in India, subject to market conditions.
- The potential move is driven by factors such as tax benefits, easier regulatory compliance, and the potential for an Indian IPO.
- CleverTap serves over 2,000 customers across 100 countries, engaging with 5 Bn users every month.
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Yourstory
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Ola Electric sees new registrations bump in festive season, bags 34% market share
- Ola Electric has recorded 15,672 new registrations this month and now holds a 34% market share in the electric two-wheeler segment.
- The growth is attributed to the popularity of Ola Electric's S1 scooter lineup and its expanding service network.
- To improve EV adoption and after-sales experience, Ola Electric plans to double its service network to 1,000 centres by December 2024.
- The company also aims to onboard 10,000 partners and train one lakh third-party mechanics for EV readiness by the end of 2025.
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Startup Pedia
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Chennai Startup Launches India’s 1st High-Voltage Electric Motorcycle
- Chennai-based EV startup Raptee.HV has launched India’s first high-voltage Electric Motorcycle T 30 compatible with car charging stations.
- The motorcycle can seamlessly connect to the 13,500 CCS2 car charging stations available in the country.
- Priced at ₹2.39 lakhs, it offers a cost-effective alternative to traditional ICE motorcycles.
- Raptee.HV will begin deliveries in Chennai and Bangalore starting January, with plans to expand to other cities in the future.
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Inc42
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ideaForge Expands ESOP Pool With Additional Stock Options
- Drone manufacturing startup ideaForge has allotted additional 1,450 equity shares under its ESOP 2018.
- The exercise price for the allotted shares is INR 10 each.
- The total value of the newly allotted stocks is INR 9.79 Lakh.
- The total number of issued shares has increased to 4,30,30,286.
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SiliconCanals
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French climate tech startup Aerleum raises €5.4M from HTGF, Norrsken, Bpifrance, others
- French climate tech startup Aerleum has raised €5.4M ($6M) in a seed funding round.
- The funding round was led by 360 Capital and HTGF, with participation from Norrsken, Bpifrance, and Marble.
- Aerleum specializes in CO2 capture and utilization, aiming to create a circular carbon economy.
- The company plans to use the funds to accelerate the industrialization of its technology and help hard-to-abate sectors achieve carbon neutrality.
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