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Startup News
Gritdaily
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A Visionary Pivot: How Seeking’s Founder Is Shaping a Stronger Future
- Seeking.com, a unique player in the online dating scene, has undergone a significant transformation under its founder's vision.
- Brandon Wade launched Seeking.com in 2006 to address the challenges he faced in dating, focusing on achievement over appearance.
- Initially attracting more women than men, Seeking.com promised clarity, honesty, and lifestyle compatibility but drifted towards 'sugar dating.'
- Wade's personal transformation through meeting Dana Rosewall led to a pivot towards intentional love, focusing on values and emotional alignment.
- Seeking.com removed transactional dating, emphasizing values, purpose, and emotional maturity over financial arrangements.
- The platform now advocates for intentional relationships, filtering out scammers and fostering genuine connections based on shared values.
- The shift towards intentional love reflects Wade and Rosewall's personal values and commitment to promoting meaningful relationships.
- Seeking.com's new direction embraces complementary hypergamy, where partners bring different but respected forms of value to the relationship.
- The goal is to combat modern dating fatigue by offering depth, clarity, and a sense of direction in building intentional relationships.
- Seeking.com hopes to redefine love as a commitment and decision, moving away from shallow connections towards long-term partnerships.
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Gritdaily
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Why Smart Capital Is Targeting Multi-Asset Juniors in the Gold Cycle Ahead
- Gold prices are performing better today than they did five years ago, attracting investor interest in the gold cycle ahead.
- Investors looking to capitalize on the gold cycle should consider junior miners for potentially higher returns, despite higher volatility.
- Multi-asset explorers, with diversified portfolios, tend to perform well, offering high risk-high reward opportunities.
- Axcap Ventures, a multi-asset explorer, holds multiple gold projects in the US and Canada, potentially poised for success.
- Exploration is where value creation in the mining industry happens, making juniors with discoveries appealing for investment.
- Major mining companies may need to acquire juniors for new deposits, leading to stock price rallies and investor benefits.
- With a robust gold price and flowing credit in the economy, junior miners, particularly multi-asset explorers, present promising investment opportunities.
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Hitconsultant
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Abridge Secures $300M to Embed Revenue Cycle Intelligence into Clinical Conversations
- Abridge secures $300M in Series E funding led by Andreessen Horowitz to embed revenue cycle intelligence into clinical conversations.
- The funding will accelerate efforts to transform care delivery, documentation, and reimbursement from the point of care.
- U.S. healthcare annually spends around $1.5 trillion on administrative costs, with a significant portion linked to clinical documentation and revenue cycle management.
- Abridge's platform integrates revenue cycle intelligence into clinical conversations to streamline documentation and billing processes, reducing clinician burden and improving reimbursement speed.
- The Contextual Reasoning Engine within Abridge supports the latest guidelines and risk adjustment models, ensuring compliant documentation during patient conversations.
- By capturing relevant HCC codes and evidence during conversations, the platform facilitates accurate claims submission without the need for post-visit queries, aiming to expedite reimbursement cycles and reduce denials.
- Abridge has successfully deployed its AI platform in 150 large health systems, serving conversations in various specialties and languages.
- The platform is expected to support over 50 million medical conversations this year, with over 90% of clinicians continuing to use it after adoption.
- Abridge aims to alleviate the documentation burden on clinicians, allowing them to focus on patient care with its background signal activation and complexity handling.
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Pymnts
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Meta Approached Multiple AI Startups for Potential Acquisition
- Meta CEO Mark Zuckerberg is reportedly approaching multiple high-profile AI startups for potential acquisitions.
- Startups approached include Perplexity AI, Runway, Thinking Machines, Safe Superintelligence (SSI), Scale AI, and VC fund NFDG.
- Zuckerberg tried to hire OpenAI's employees with signing bonuses up to $100 million, countered by OpenAI CEO Sam Altman.
- Meta successfully acquired Scale AI for $14.3 billion and hired Scale AI's CEO, Alexandr Wang, to lead superintelligence efforts.
- NFDG will be partially acquired by Meta, with the founders joining and working under Wang.
- The recruitment spree aims to enhance Meta's AI capabilities, particularly with its flagship large language model, Llama.
- Meta has AI experts like Yann LeCun and Fundamental AI Research (FAIR) but seeks to accelerate advancements by acquiring talent.
- Wang, a 28-year-old MIT dropout, co-founded Scale AI and will collaborate with Meta's existing AI team.
- Competition for AI talent has intensified, with companies like OpenAI, Google DeepMind, Microsoft, and Anthropic vying for skilled professionals.
- Meta aims to integrate advanced AI into its products, powering features in Instagram, WhatsApp, and exploring AI agents for improved customer service and commerce.
- The acquisition strategy aligns with Meta's goal of expanding AI capabilities and integrating advanced technology into its platforms.
- The renewed focus on AI talent underscores Meta's commitment to accelerate product rollouts and enhance user experiences.
- Meta's efforts come amid a competitive landscape with other tech giants also investing heavily in AI research and acquisition endeavors.
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Hitconsultant
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ForSight Robotics Raises $125M for Ophthalmic Robotic Surgery
- ForSight Robotics, a pioneer in ophthalmic robotic surgery, secures a $125M Series B round led by Eclipse to advance the ORYOM Platform for cataract and other eye diseases.
- The funding round brings ForSight Robotics' total funding to $195M and includes participation from a strategic investor, Dr. Fred Moll, the Adani Group, Reiya Ventures, and other existing investors.
- The global vision crisis, with over one billion people suffering from preventable vision impairment and a projected decline in ophthalmologists, highlights the need for advancements in eye surgery.
- ForSight Robotics aims to enhance surgical precision and increase patient access to high-quality treatment, especially for cataracts where millions globally lack adequate surgical care.
- Dr. Joseph Nathan sees ophthalmology as the next frontier in robotics, offering immense opportunities to address global eye care needs similar to the impact of robotics in general surgery.
- The ORYOM Platform, designed for precise ophthalmic procedures, combines AI-based algorithms, advanced computer vision, and micromechanics to enable enhanced surgical capabilities and better ergonomic experience for surgeons.
- ForSight Robotics has achieved milestones such as doubling its employee size, obtaining ISO certification, and completing successful procedures on animal eye models with the ORYOM Platform, setting the stage for upcoming clinical trials in robotic cataract surgery.
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ISN
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PhonePe hires JPMorgan Chase, Citigroup, Morgan Stanley and Kotak as IPO bankers: Report
- PhonePe, India’s largest digital payments platform, has selected four global investment banks - JPMorgan Chase, Citigroup, Morgan Stanley, and Kotak Mahindra Capital - to handle its forthcoming IPO.
- The company is aiming to raise $1.5 billion in the IPO, potentially boosting its valuation to $15 billion.
- PhonePe is projected to file its draft red herring prospectus (DRHP) by August, with plans for a listing later this year.
- This IPO signifies PhonePe's shift from a high-growth startup to a publicly traded firm following its restructuring into a public limited company in April 2025.
- Founded in 2016 and originally based in Singapore, PhonePe later relocated its headquarters to India in 2022 to enable regulatory compliance and facilitate an IPO on Indian exchanges.
- PhonePe has now legally transferred the ownership of its IndusOS Appstore to India as part of its IPO arrangements.
- As of May 2025, PhonePe boasts 61 crore registered users, 4 crore merchants, over 34 crore daily transactions, and a total payment value exceeding Rs 150 lakh crore.
- In FY24, PhonePe's revenue reached Rs 5,064 crore, up 74% from FY23, with narrowed net losses of Rs 1,996 crore compared to Rs 2,795 crore in the previous year.
- Excluding ESOP expenses, PhonePe showed a consolidated net profit of Rs 197 crore in FY24.
- The company has raised around Rs 18,000 crore ($2.2 billion) to date, with significant investments coming from General Atlantic, Walmart, Ribbit Capital, Tiger Global, and TVS Capital Funds.
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Medium
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269
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Behind the Term Sheet: Abacum’s $60M Series B
- Abacum's $60 million Series B aims to solve the pain of financial planning and analysis (FP&A) faced by many companies, especially those in the mid-market segment still using Excel and Google Sheets.
- Abacum is part of the third wave of FP&A software, offering native integrations, an intuitive UX, and collaborative features tailored for modern finance teams.
- The platform enables companies to centralize financial data, create budgets and forecasts, and collaborate efficiently.
- Abacum stands out for connecting various financial and operative data sources into a single system, enhancing decision-making and potential expansion into other financial areas.
- The AI-heavy architecture of Abacum supports automated variance analysis, forecast updates, and AI-generated scenarios, transforming the CFO's role into a proactive, insight-driven partner.
- Founded in 2020, Abacum by Julio Martínez and Jorge Lluch focuses on addressing the shortcomings in finance team operations, with a global presence and strong customer base.
- Abacum has demonstrated product-market fit, an ideal customer profile, and potential for global scalability.
- As investors, Cathay Innovation sees Abacum as a significant player in revolutionizing the CFO software stack by offering product-first solutions to growing companies.
- Abacum represents the next generation of B2B SaaS champions, tailored to the evolving needs and challenges faced by finance teams in companies of all sizes.
- Cathay Innovation is excited to partner with Abacum and looks forward to the future prospects unlocked by their innovative approach to financial planning software.
- The article discusses how Abacum's Series B funding and innovative solutions position it as a key player in transforming financial planning and analysis tools for modern finance teams.
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Inc42
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Dream11 Enters WinZO & MPL’s Turf With Foray Into Casual Real Money Gaming
- Dream11 has entered the casual real money gaming space by launching a new app named 'Dream Play' where users can play carrom matches and win cash prizes.
- The app has already garnered over a lakh downloads on Google Play Store despite minimal promotion.
- Dream Play is available in a Lite version on the Play Store, requiring users to create or login with their 'Dream Sports' wallet to download and play.
- Dream11 has also launched another real money fantasy app called 'Dream Picks' and a real-time prediction app named 'CRIQ' recently.
- In this move, Dream11 will now compete with established players like Mobile Premier League and WinZO, which have millions of users and significant revenues.
- The real money gaming industry in India is facing GST challenges, leading to a projected degrowth of about 10% in FY25 according to a report by Deloitte India.
- Due to the new GST laws, the industry is expected to post a reduced CAGR of 7% for FY24 to FY29, significantly lower than the earlier forecasted CAGR.
- Under the new GST regime, online gaming platforms face a 28% tax on the total value of bets, impacting companies' margins and leading to notices for alleged evasion.
- Dream11, along with other gaming companies, is grappling with GST issues, with Dream11 reportedly receiving a notice of INR 28,000 Cr.
- Dream11 is yet to disclose its financial numbers for FY24 and FY25, while the GST troubles persist in the real money gaming sector.
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Hitconsultant
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Arine Raises $30M to Redefine Medication Management with AI
- Arine raises $30M in Series C funding led by Town Hall Ventures and Kaiser Permanente Ventures, bringing total funding to $66M.
- The funding will help Arine redefine medication management in healthcare to address financial and regulatory challenges.
- Medications are crucial for improving outcomes and controlling costs in healthcare, and Arine's AI platform aims to deliver personalized and cost-effective medication therapy.
- Arine's AI platform identifies individuals for intervention, recommends effective therapies, and measures impact, resulting in over 10% cost savings and 40% reduction in hospitalizations for clients.
- The company has achieved over 100% growth in the last year with an 80% average contract expansion with existing clients.
- Arine plans to expand its specialty pharmacy management capabilities, automate tasks through AI innovation, and personalize medication therapy further with comprehensive data integration.
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ISN
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409
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Medical tourism company Vaidam Health acquires MediJourney in an all-cash deal
- Indian medical tourism platform Vaidam Health has acquired MediJourney, an international patient facilitation startup.
- The deal was an all-cash transaction and signifies a significant move in India's cross-border healthcare sector.
- MediJourney, launched in 2024, connects international patients with verified hospitals using a tech-enabled interface.
- Vaidam Health aims to enhance its patient onboarding, navigation, and case coordination through integrating MediJourney's digital infrastructure.
- Pankaj Chandna, Co-Founder of Vaidam Health, expressed the company's commitment to simplifying access to quality treatment globally.
- Vaidam Health, established in 2016, facilitates over 25,000 monthly patient interactions across seven countries.
- MediJourney will operate independently under Vaidam's ownership, focusing on new strategic opportunities.
- The acquisition is expected to increase active patient engagements by 40 to 50% in the coming year.
- Vaidam Health plans to expand its presence in Africa and Southeast Asia to meet growing demand.
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TechCrunch
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At TechCrunch Disrupt 2025, Medha Agarwal, Jyoti Bansal, and Jennifer Neundorfer discuss what makes a pitch land
- At TechCrunch Disrupt 2025, Medha Agarwal, Jyoti Bansal, and Jennifer Neundorfer discussed what makes a pitch land, revealing insider strategies for founders.
- Medha Agarwal of Defy.vc emphasized the importance of supporting entrepreneurs from day zero through hyper-growth and the need for trusted partners in the startup journey.
- Jyoti Bansal, CEO of Harness, believes in software's power to change the world positively and has a successful track record in the tech industry.
- Jennifer Neundorfer, managing partner of January Ventures, invests in early-stage B2B startups transforming traditional industries through software innovation.
- The TechCrunch Disrupt event aims to provide valuable insights, networking opportunities, and strategies for startups, tech enthusiasts, and VC leaders.
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TechCrunch
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Wispr Flow raises $30M from Menlo Ventures for its AI-powered dictation app
- Voice AI startups like Wispr Flow are gaining investor attention, with Menlo Ventures leading a $30 million Series A funding round with participation from other investors.
- Startups developing AI-powered tools such as Granola, Read AI, and Fireflies AI have also attracted investments in recent times.
- Wispr Flow, founded by Tanay Kothari, originally focused on creating a device for typing by mouthing words silently, later shifting to software like the Wispr Flow interface.
- The company has raised a total of $56 million to date, with plans to achieve profitability soon.
- The software, available on Mac, Windows, and iOS, has gained popularity among Silicon Valley VCs.
- Menlo Ventures CEO Matt Kraning highlighted Wispr Flow's efficiency in translating digital thoughts and capturing users' speech accurately.
- Wispr Flow has been experiencing user growth of 50% month-over-month, with a diverse user base in terms of geographic and technical backgrounds.
- The app supports dictation in 104 languages, with English being the dominant language.
- The funding will be used to expand the team, develop an Android app, and target enterprise users with personalized AI assistance.
- Wispr Flow aims to evolve into an AI-powered assistant for daily tasks and is collaborating with AI hardware partners for enhanced functionalities.
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Economic Times
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Image Credit: Economic Times
World Economic Forum features 10 Indian startups as Tech Pioneers; spacetech wins big
- The World Economic Forum (WEF) has recognized 10 Indian startups among its 2025 cohort of 100 'Technology Pioneers,' focusing on breakthrough solutions in sectors like space tech and electric mobility.
- India's representation highlighted its growing role in the global deep tech ecosystem, with space startups being the largest segment.
- Startups like Agnikul Cosmos, Digantara, and GalaxEye were commended for their contributions in space launches, space situational awareness, and earth observation technologies.
- The recognition from WEF is anticipated to attract more global investor interest in India's expanding space economy.
- The selected startups will engage with WEF's platforms to participate in global discussions on technology, sustainability, and inclusive growth.
- Notable Indian startups like Agnikul, GalaxEye, and The ePlane Company, incubated at IIT-Madras, are at the forefront of innovation in space tech and electric mobility.
- The ePlane Company is developing electric flying taxis to address urban congestion.
- Suyash Singh, founder of GalaxEye, expressed motivation from the acknowledgement, emphasizing the importance of their work in earth observation amidst growing demand for geospatial data.
- Other Indian startups in the cohort include Exponent Energy, CynLr, Freight Tiger, SolarSquare, Dezy, and Equal, recognized for their work in energy, robotics, freight, solar energy, AI-driven diagnostics, and data sharing.
- Speciale Invest, a venture capital firm backing four of the selected startups, sees this recognition as a milestone for India's rise as a deeptech leader, reflecting boldness and innovation emerging from India.
- The Technology Pioneers community consists of early-stage companies from 28 countries, with strong representation from Europe, China, and India as significant tech innovation hubs.
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Inc42
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Centre To Soon Decide On Subsidy Scheme For Rare Earth Magnet Production
- The Indian government is considering a subsidy scheme to support domestic production of rare earth magnets in response to China's export ban on rare earth metals.
- The decision on the subsidy scheme is expected within the next 15-20 days, with discussions underway between ministries to promote self-reliance in strategic materials for sectors like EVs, electronics, and defense.
- If the proposed incentives exceed INR 1,000 Cr, it will require Union cabinet approval, with a focus on incentivizing rare earth minerals and magnets production within India.
- China's export restrictions on rare earth elements have led to a surge in global interest in producing rare earth magnets domestically.
- Indian automobile manufacturers are facing challenges due to the disruption in the rare earth supply chain, prompting discussions on reducing dependence on Chinese imports.
- India's reserves of rare earth elements are significant, but the country has struggled with production, leading to a reliance on imports for certain critical materials.
- The government launched the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI) to attract global manufacturers to invest in India's electric vehicle sector.
- Under the SPMEPCI, companies committing to investment and setting up EV manufacturing units can benefit from reduced customs duty for imported electric vehicles.
- The scheme aims to encourage global electric vehicle manufacturers to contribute to India's automotive industry and support the country's transition to a sustainable economy.
- The launch of the SPMEPCI application portal opens opportunities for international companies to invest in India's evolving automotive market.
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Startup Story
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Darwinbox Completes ₹86 Cr ESOP Buyback, Benefits 350+ Employees Globally
- HR tech unicorn Darwinbox completed an ₹86 crore ESOP buyback benefiting over 350 employees globally.
- This marks the third ESOP buyback by the company in the last four years, showcasing its dedication to rewarding team members and promoting a culture of shared ownership.
- Darwinbox's ESOP buyback follows a $140 million funding round led by Partners Group and KKR earlier this year.
- The buyback reflects the company's focus on sustainable employee wealth creation while expanding operations.
- Co-founder Jayant Paleti emphasized the importance of sharing success with employees and fostering a culture of ownership.
- Founded in 2015, Darwinbox offers a cloud-based HR management platform leveraging AI and ML for various processes.
- With a client base of 1,000+ companies in 130 countries, including prominent names like Starbucks, McDonald’s, and Airtel, Darwinbox has shown significant growth.
- In FY24, Darwinbox recorded a 58% YoY revenue increase to ₹393 crore, positioning itself as a fast-scaling SaaS company in Asia.
- The broader Indian startup ecosystem has witnessed several ESOP buybacks recently, with Darwinbox contributing to the trend.
- Even Healthcare and Dezerv are among the startups executing ESOP buybacks, reflecting a growing practice in the industry.
- In 2024, 23 startups conducted ESOP buybacks, distributing over ₹1,448 crore in employee wealth—though this marked a 73% decrease from 2023 mainly due to Flipkart's significant buyback.
- Darwinbox's latest ESOP buyback underscores its people-centric approach and sends a positive message to employees in the burgeoning SaaS and HR tech sector in India.
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