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Startup News
Inc42
6h
111
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AI On Trading Floors: Can AlgoBulls Make Automated Trading Mainstream In India?
- Mumbai-based AlgoBulls offers a user-friendly platform for algorithmic trading encouraging greater participation from retail investors.
- Algorithmic trading highlights include speed, efficiency, reduced operation time and cost, doing away with human bias and errors.
- SEBI has released a draft circular aimed at making algorithmic trading more accessible to retail investors.
- AlgoBulls offers off-the-shelf solutions to wholly customizable and dynamic models to meet different requirements.
- AlgoBulls has attracted significant investor backing securing $2mn in January 2023 during its pre-Series A round.
- AlgoBulls has built its service platforms on five core pillars - robust infrastructure, IP protection, low-latency, high-speed execution, guardrails for risk management and regulatory compliance.
- Globally, the algorithmic trading market is expected to hit $33.9Bn in 2028 from $20.5Bn in 2024.
- AlgoBulls aims to grow its product portfolio and enhance platform capabilities by integrating advanced AI-based features.
- In the long term, the fintech startup wants to provide easy access to high-frequency trading and FPGA-powered algo trading.
- AlgoBulls will even continue to work on educating retail users, forging strategic alliances with brokers, refining personalised investment strategies, and upholding rigorous global compliance and risk management standards.
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Insider
7h
178
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Microsoft is looking to add non-OpenAI models into 365 Copilot, report says
- Microsoft is diversifying the AI models for 365 Copilot to reduce reliance on OpenAI.
- The move aims to cut costs and improve speed for Microsoft's enterprise clients.
- Microsoft will add internal and third-party AI models to run its 365 Copilot.
- The company will continue working with OpenAI to develop frontier models.
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VIE Stories
7h
153
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Today Startup News 24 December 2024 From The Indian Startup Ecosystem
- Fintech startup Zaggle raises ₹595 crore through qualified institutional placement with Bank of India as the largest buyer.
- EPACK Prefab raises $20 million in its first funding round from GEF Capital Partners.
- Delhivery appoints new heads for Supply Chain Services and logistics SaaS platform.
- Razorpay allocates INR 1 Lakh worth of ESOPs to each of its 3,000 employees to celebrate its 10th anniversary.
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Startupreporter
7h
304
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Medico Remedies Announces Robust Financial Performance For Q2 FY 2024
- Medico Remedies Limited announces robust financial performance for Q2 FY 2024.
- Total income of Rs. 400.27 million and net profit of Rs. 15.56 million.
- Operating profit margin of 7.86% and net profit margin of 3.95%.
- Medico Remedies focused on expansion and committed to providing high-quality medicines.
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Economic Times
7h
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Elon Musk's AI startup xAI raises $6 billion in latest funding round
- Elon Musk's AI startup xAI has raised $6 billion in its latest funding round.
- The funding came from investors including US venture capitalists, chipmakers NVIDIA and AMD, and investment funds from Saudi Arabia and Qatar.
- xAI, with its flagship product Grok chatbot, is now valued at an estimated $50 billion.
- The funds will be used to develop groundbreaking products, accelerate research, and understand the true nature of the universe.
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Inc42
7h
252
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TVS Motor Raises Stake In Narain Karthikeyan’s DriveX Mobility
- TVS Motor Company has acquired an additional 39.11% stake in DriveX Mobility for INR 97.78 Cr.
- TVS Motor now holds a total stake of 87.38% in DriveX, making it a subsidiary.
- DriveX Mobility is a digital autotech platform founded by Narain Karthikeyan and Christopher Anand Sargunam.
- TVS Motor aims to expand its presence in the electric vehicle sector and promote India as an EV exporter.
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Inc42
7h
3.2k
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Zaggle Raises INR 595 Cr Via QIP, Shares Up 4% Intraday
- Fintech SaaS firm Zaggle raised INR 594.84 Cr through a QIP, issuing 1.13 Cr shares at INR 523.20 each, a 5% discount to the floor price of INR 550.73.
- Bank of India ELSS Tax Saver secured 16.81%, followed by Societe Generale – ODI (9.25%) and ICICI Prudential Technology Fund (6.72%). The funds will be used for acquisitions (INR 500 Cr), debt repayment (INR 59.1 Cr), and corporate purposes.
- Post-QIP, paid-up equity rose to 13.42 Cr. Zaggle's stock has surged 223.29% since its 2023 listing, aided by strong Q2 FY25 PAT growth (167.67%) and recent acquisitions. Shares climbed 4% intraday.
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ISN
7h
330
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Donald Trump picks Indian origin Sriram Krishnan as the senior policy advisor on AI; Know about him
- Sriram Krishnan, an Indian origin entrepreneur and venture capitalist, has been named as the Senior Policy Advisor for Artificial Intelligence at the White House Office of Science and Technology Policy (OSTP) by President-elect Donald Trump.
- Krishnan will focus on advancing American leadership in AI, coordinating policy across government agencies, and working closely with the President’s Council of Advisors on Science and Technology.
- He has previously worked at Microsoft, Yahoo!, Facebook, Snap, Twitter, and is currently a general partner at Andreessen Horowitz.
- Krishnan, along with David Sacks, the incoming "White House AI & Crypto Czar," will be part of Trump's tech team to unleash scientific breakthroughs and ensure America's technological dominance.
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VIE Stories
8h
172
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Delhivery Appoints New Heads for Supply Chain and SaaS Platform
- Delhivery, India’s leading logistics company, has appointed Navneet Kumar and Surajit Das to key business leadership roles.
- Navneet Kumar will head Delhivery's Supply Chain Services division, while Surajit Das will oversee OS1, the company’s logistics SaaS platform.
- Both leaders bring extensive experience across enterprise sales, supply chain management, and technology.
- Delhivery's Co Founder and Chief People Officer expressed confidence in their appointments, highlighting their expertise and fresh perspectives.
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Yourstory
8h
10
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TRAI calls for standalone voice and SMS recharge vouchers, introduces new regulation
- The Telecom Regulatory Authority of India (TRAI) has introduced new regulations calling for standalone voice and SMS recharge vouchers.
- Mobile operators will now be required to provide a Special Tariff Voucher (STV) solely for voice calls and SMS, catering to users who do not require data services.
- This move aims to offer consumers the flexibility to pay only for the services they need, benefiting specific groups such as the elderly and those in rural areas.
- The validity of vouchers has been extended from 90 days to 365 days, and the existing colour-coding of physical vouchers has been eliminated.
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VIE Stories
8h
81
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Fintech Startup Zaggle Raises Rs 595 Cr At 5% Discount
- Zaggle Prepaid Ocean Services, a fintech startup, has raised ₹595 crore through a qualified institutional placement.
- Bank of India purchased the largest share, buying 16.8% of the shares, followed by Societe Generale with a 9.2% stake.
- Zaggle plans to use the funds for strategic growth through mergers and acquisitions in the SaaS fintech space.
- In Q2 FY25, Zaggle achieved record year-over-year growth in revenue, with a 64.21% increase, and net profit after tax surged by 167.67%.
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Yourstory
8h
148
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EV maker Greaves Electric Mobility files IPO papers with Sebi; aims to raise Rs 1,000 cr
- Electric vehicle maker Greaves Electric Mobility Ltd has filed draft papers with Sebi for an IPO.
- The IPO includes a fresh issue of equity shares worth Rs 1,000 crore and an Offer for Sale (OFS) of 18.9 crore shares.
- The company plans to raise funds for product and technology development, expanding manufacturing capacity, and inorganic growth through acquisitions.
- Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial are the book running lead managers to the issue.
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VIE Stories
8h
233
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Razorpay Celebrates 10th Anniversary with INR 1 Lakh ESOP Allocation to Employees
- Razorpay, the fintech unicorn, has allocated INR 1 Lakh worth of ESOPs to each employee to celebrate its 10th anniversary.
- The ESOPs are offered to employees across all levels and functions, marking the first ESOP allocation for many of them.
- This is the third ESOP liquidity program for Razorpay, following previous buybacks in 2018 and 2022.
- Razorpay reported a 365% surge in net profit in FY24 and is planning to move its headquarters back to India.
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ISN
8h
45
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Aakash Chaudhry’s Sparkl Edventure raises $4 million from Deepinder Goyal, Nithin Kamath
- Sparkl Edventure, an online education platform founded by Aakash Chaudhry, has raised $4 million in seed funding.
- The funding round was led by Deepinder Goyal from Zomato and Nithin Kamath from Zerodha.
- Sparkl Edventure offers personalized one-on-one tutoring for students in grades 6 to 12, focusing on IB and Cambridge curricula.
- The startup aims to expand its offerings to include SAT/ACT coaching and target a broader student base in the future.
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Startup Story
8h
113
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Naxatra Labs Secures Seed Funding from Leading Investors to Drive EV Motor Innovation
- Naxatra Labs, an electric vehicle (EV) motor technology startup, has raised an undisclosed amount in a seed funding round.
- The funding round was led by GVFL, Delhivery founder Mohit Tandon, and Aspiring Minds founder Himanshu Aggarwal.
- The funds will be utilized to expand the team in research and development (R&D) and production.
- Naxatra Labs specialises in axial flux motors for electric two-wheelers and three-wheelers, offering customised powertrain solutions.
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