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Amazon-Backed Fintech Startup ToneTag In Talks To Raise $50 Mn
- ToneTag, an offline mobile payments startup, is in talks to raise $50 Mn in a funding round led by Iron Pillar.
- The funding round will include a primary capital infusion of $30-$35 Mn and is expected to more than double the startup's valuation.
- ToneTag offers audio-based authentication and proximity payment solutions and has raised over $10 Mn in funding so far.
- Iron Pillar, a Mumbai-based venture growth investor, plans to invest in Series B and C stage SaaS startups and has previously invested in logistics startup Pando.
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TechCrunch
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Numeric grabs $28M Series A to automate accounting using AI
- Accounting software company Numeric has raised $28 million in a Series A funding round led by Menlo Ventures, bringing its total funding to $38 million.
- Numeric offers an accounting software that automates certain aspects of the book-closing process using generative AI.
- The software aggregates and reconciles data from various accounting systems and Excel spreadsheets, saving accountants time and effort.
- Numeric's revenue has increased fourfold over the past year, and the company counts Brex, OpenAI, Plaid, and Wealthfront among its users.
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Inc42
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Wealthtech Startup Jar Marks Ecommerce Foray With Its D2C Jewellery Brand Nek
- Wealthtech startup Jar has entered the ecommerce space with its D2C jewellery brand Nek, aiming to diversify its product mix.
- Nek focuses on gold jewellery and leverages Jar's existing customer base that has invested in digital gold.
- Jar expects to exceed INR 100 Cr in annual recurring revenue (ARR) by October.
- Jar's core digital gold vertical will remain the primary growth driver, contributing over 50% to the overall topline.
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ISN
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Ola, Uber score zero in working conditions for gig workers: Fairwork India Ratings 2024
- Ride-hailing platforms Ola and Uber, along with logistics startup Porter, received a score of zero for working conditions in the Fairwork India Ratings 2024.
- The report assessed labor standards in India's gig economy and highlighted significant gaps in worker protection on these platforms.
- BigBasket emerged as the top scorer, joined by Swiggy, Zomato, and Urban Company, each earning six points for progress in fair pay and fair conditions.
- Ola, Uber, and Porter consistently failed to meet minimum requirements for fair labor practices, lacking policies for fair wages, safe working conditions, and worker representation.
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Pymnts
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Upstart Sells $2 Billion of Consumer Installment Loans to Blue Owl
- FinTech lender Upstart Holdings has sold up to $2 billion of consumer installment loans to private credit lender Blue Owl Capital.
- The deal includes $290 million of personal loans that have already been handed out, as well as debt that Blue Owl will buy over the next 18 months in a forward-flow agreement.
- Upstart CEO Dave Girouard attributes gains in contribution margin and positive cash flow to efforts made to improve efficiency and operating leverage in their business.
- Blue Owl's recent acquisition of Atalaya Capital Management represents a significant expansion of their alternative credit presence.
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Inc42
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The Good Glamm Group Buys Out Remaining Stake In Femtech Sirona For INR 450 Cr
- The Good Glamm Group has acquired the remaining stake in femtech startup Sirona for INR 450 Cr.
- The acquisition gives an all-cash exit to the founders Deep and Mohit Bajaj.
- The Good Glamm Group previously invested INR 100 Cr in Sirona, increasing its stake to 50.58%.
- Sirona is a femtech startup that sells female hygiene products and has seen significant revenue growth.
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Inc42
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Meet The Startups That Made It To JSW MG Motor’s Accelerator Programme
- JSW MG Motor India has selected seven startups for its MG Developer Program (MGDP) accelerator programme.
- The selected startups include Anuvega Powertronics, Aselector Technologies, Emerging Technologies, Gudlyf Mobility, Power Jet (EV Urjaa), Ravity, and Vocbot AI.
- The programme focuses on promoting AI-led innovations in the electric mobility space.
- The startups will receive mentorship and support in building practical applications for their AI offerings in the electric mobility ecosystem.
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Inc42
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D2C Babycare Brand Bumtum Laps Up INR 122 Cr From Pantomath Capital To Boost Exports
- D2C brand Bumtum's parent company, Millenium Babycares, has raised INR 122 Cr ($14.5 Mn) from Pantomath Capital-managed Bharat Value Fund (BVF).
- The funds will be used to expand the startup's manufacturing unit and strengthen its presence in general trade (GT) and export markets.
- Millenium Babycares operates in the baby care, femcare, and adult care products categories and sells its products under the brands Bumtum, Elduro, and Freeme.
- The company has witnessed a CAGR of 53% between FY20 and FY24 and reported a revenue of INR 585 Cr in FY24.
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Yourstory
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Prosus in talks to pick up 5% stake in Rapido
- Prosus, a global technology investor, is in talks to acquire a 5% stake in the Indian cab-hailing platform, Rapido.
- The deal is expected to be a fully secondary transaction at a flat valuation of $1 billion.
- Rapido's early investors, including AdvantEdge and angel investors, are looking to sell part of their stake.
- Prosus has started the due diligence process, and a 5% stake would translate to an investment of approximately $50 million.
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Yourstory
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Raghav Gupta of 1% Club on building learning communities and the future of education in the age of AI
- Raghav Gupta, Founder & CEO of Futurense and Co-founder of 1% Club, believes that education as a product can build active learning communities.
- He emphasizes the importance of community building in education and suggests creating spaces like apps or social media groups, as well as focusing on content to drive a sense of loyalty.
- Gupta discusses the future of education in the AI-driven era, highlighting the need for a shift towards qualitative labor advantage and quality education that goes beyond traditional degrees.
- He also addresses the barriers faced in Tier II and III cities, such as communication barriers and the importance of developing effective communication skills.
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Pymnts
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ClearCourse Acquires B2B eCommerce Platform GOb2b
- Software and embedded payments specialist ClearCourse has acquired business-to-business (B2B) eCommerce platform GOb2b.
- The acquisition will bring together ClearCourse's industry-specific solutions for SMBs and GOb2b's platform for businesses in the food and drink, health and safety, and manufacturing sectors.
- ClearCourse CEO Christina Hamilton stated that the acquisition aligns seamlessly with their values and vision.
- GOb2b's software enables customers to enhance their eCommerce platforms with various features.
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Yourstory
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Startups with strong biz models will always get funding, VCs affirm
- At TechSparks Bengaluru 2024, VCs advised startup founders to focus on building a sound business rather than valuations.
- Founders were advised that they do not need a large amount of capital to build successful companies.
- Investors highlighted the importance of team and founder during the early stages of startup evaluation.
- The Indian startup ecosystem is witnessing a slower inflow of capital, leading to a focus on building sustainable and profitable businesses.
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Yourstory
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A91 Partners to lead funding in Niva Bupa; The dark side of hustle culture
- The passing of Padma Vibhushan Ratan Tata has left an indelible mark on India’s industrial history. Choosing the right successor to continue Ratan Tata’s enormous legacy has become more important than ever. Tata Consultancy Services beat estimates for second-quarter revenue with marginal growth in its banking vertical Meanwhile, Air India is on a mission to recapture a place among top carriers and has placed a new order for 85 Airbus jets. Tesla is set to reach a milestone: a prototype robotaxi that relies on “computer vision” and machine learning to make driving decisions.
- Venture capital firm A91 Partners, which has backed Digit Insurance, is set to lead a Rs 500-crore investment in IPO-bound health insurance company Niva Bupa. The pre-IPO round will happen at a valuation of around Rs 15,000 crore. Niva Bupa had filed its draft red herring prospectus with the Securities and Exchange Board of India in July to raise around Rs 3,000 crore, including a fresh issue of Rs 800 crore.
- The tragic death of Anna Sebastian Perayil exposed the dark side of hustle culture in the Indian corporate environment. Workers face workloads that take a toll on not just their bodies but also their minds. Publicis Sapient, a digital business transformation company, has established a mental well-being ambassador network to help employees.
- Swati Saxena believes discipline is of utmost importance when managing wealth, whether you’re a salaried professional or an ultra-high-net-worth individual. She offers wealth advisory services to HNIs and UHNIs through her firm 4Thoughts Finance, which has Rs 500 crore assets under management. 4Thoughts Finance also oversees taxation, compliance, concierge, and philanthropic initiatives, along with helping clients raise funding.
- Fidelity Investments confirmed that 77,000 customers had personal information compromised during an August data breach. Airbus reported lower monthly deliveries, putting its annual production target under pressure as supply chain struggles continue to plague the industry. Blockchain startup Ripple launched new services aimed at helping banks and fintech firms store digital assets on behalf of clients.
- Trivia: Ratan Tata piloted a Lockheed Martin Fighting Falcon in 2007 during the Aero India Show in Bengaluru.
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Gritdaily
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Renowned Nephrologist Fernando Raudales, MD, FASN, FACP, Continues to Make Significant Contributions to the Field of Nephrology
- Fernando Raudales, MD, FASN, FACP, has been making significant contributions to the field of nephrology for over three decades.
- He has held numerous leadership positions in various healthcare institutions, including being the chief of staff at Providence Memorial Hospital and Sierra Medical Center.
- Raudales is dedicated to education and mentorship, supporting the next generation of physicians and his own sons who are pursuing medical degrees.
- In addition to his professional achievements, Raudales is committed to community service, providing free medical care and serving his community in various capacities.
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Gritdaily
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Amazon Prime Day October 2024: Shoppers Spend Smarter Amid Economic Pressures
- Amazon's October 2024 Prime Day event recorded a 1.7% decrease in sales compared to last year, indicating cautious spending amidst economic pressures and higher prices.
- While overall spending dipped, the average transaction value increased by 2.3%, suggesting a focus on fewer but higher-value items.
- Baby Boomers showed the least decline in spending, indicating their resilience as a reliable consumer group for Amazon.
- Millennials exhibited the steepest reduction in spending, raising concerns about their financial stability amidst rising living costs and inflation.
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