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<div class="KonaFilter image-container display-table"><div><div class="image on-image">PillarPillar founder and CEO Michael Bloch</div></div></div><ul class="summary-list"><li style="font-weight: 400;">On Thursday, student loan management startup Pillar announced it raised $5.5 million in seed funding in a round led by <a href="https://www.businessinsider.com/tech-vc-investors-alumni-kleiner-perkins-2019-4">Kleiner Perkins</a>.</li><li style="font-weight: 400;">The funding round included a who's who of individual investors from startup and fintech backgrounds, such as: Adam Nash, the former CEO of Wealthfront and Acorns board member; Noah Weiss, former SVP of Product at Foursquare; Misha Esipov, CEO and co-founder of Nova Credit; and Robinhood's Head of Growth, Patrick Kavanagh, and Head of Finance, Nadia Asoyan.</li><li style="font-weight: 400;">Rainfall Ventures, Great Oaks VC, Financial Venture Studio, Kairos, and Day One Ventures also participated in the round.</li><li style="font-weight: 400;">See the deck that won over some of Silicon Valley's highest profile venture capital investors.</li><li style="font-weight: 400;"><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>Although the <a href="https://www.businessinsider.com/student-loan-debt-per-state-2019-4">student loan crisis</a> continues to hang over an entire generation's finances, entrepreneurs and investors see an opportunity for disruption and healthy returns.Pillar, one of several startups aimed at managing loan repayment using machine learning and artificial intelligence, announced Thursday it had raised $5.5 million in Seed funding from <a href="https://www.businessinsider.com/tech-vc-investors-alumni-kleiner-perkins-2019-4">Silicon Valley giant-maker Kleiner Perkins</a>. Because it isn't in the <a href="https://www.businessinsider.com/sofi-talks-500-million-qatar-2019-4">refinancing business like some competitors</a>, Pillar is not incentivized to drag out loan repayments to turn a profit, according to founder and CEO Michael Bloch.Read More: <a href="https://www.businessinsider.com/pitch-deck-smartrecruiters-series-d-2019-5">Recruiting software startup SmartRecruiters just raised $50 million at a valuation above $300 million. See the deck that sold Insight Ventures on leading the startup's Series D.</a>The round included a who's who of individual investors from startup and fintech backgrounds, such as: Adam Nash, the former CEO of Wealthfront and Acorns board member; Noah Weiss, former SVP of Product at Foursquare; Misha Esipov, CEO and co-founder of Nova Credit; and Robinhood's Head of Growth, Patrick Kavanagh, and Head of Finance, Nadia Asoyan. Rainfall Ventures, Great Oaks VC, Financial Venture Studio, Kairos, and Day One Ventures also participated in the round."We actually didn't plan to fundraise at the time that we did," Bloch told Business Insider. "However, some VCs that we had gotten to know since starting Pillar made early offers to invest. We had gotten to know the team at Kleiner Perkins quite well over the last few months. They've made some amazing investments in fintech companies like Robinhood, Plaid, and Tally. We decided that we wanted them onboard as the lead for our round."Here's the deck Pillar used to land some of Silicon Valley's biggest names for its Seed round:<a href="https://www.businessinsider.com/intelligence/future-of-payments?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=payments&amp;itm_campaign=future-of-payments"></a>

Here's the pitch deck that Pillar, a student loan management startup, used to score $5.5 million from Kleiner Perkins and an A-list of Silicon Valley backers

US-based banking platform Novo on Friday announced plans to go on a hiring spree to strengthen its existing operations in India. The company will be recruiting 100 engineers by FY 2022 for senior key and support roles including <keyword id="11602752" type="UNKNOWN" weightage="20" keywordseo="software-backend-frontend">Software, Backend, Frontend</keyword>, Android and DevOps. The hirings would be primarily for the offices in Delhi NCR, Ahmedabad and Bengaluru, besides remote working roles, pan India. Novo had recently secured $40.7 million in a Series A round led by <keyword id="1673278" type="PERSON" weightage="20" keywordseo="Valar-Ventures">Valar Ventures</keyword> and other investors like Crosslink Capital, <keyword id="11602758" type="UNKNOWN" weightage="20" keywordseo="rainfall-ventures">Rainfall Ventures</keyword>, <keyword id="11602753" type="UNKNOWN" weightage="20" keywordseo="red-sea-ventures">Red Sea Ventures</keyword> and BoxGroup. It will be using these funds to ensure the successful execution and completion of its current hiring objective, and thereby expand its operations footprint in India, the company said. "India is the backbone of our technology developments. Being the only International Market for our support operations, we pride ourselves in building teams across various roles from the exceptionally talented pool of resources available in India. The recently raised funding would be utilised towards strengthening our vision to provide enhanced consumer experiences, seamlessly," said Tyler McIntyr, Founder and CTO, Novo, in a statement. "After successfully securing Series A funding from our investment partners, we are well equipped to take our next expansion step, that is, to hire a talented workforce and achieve new milestones in India," added Ajar Upadhyay, Director of Operations - India, Novo. Currently, the independent company that enables small businesses to open accounts in minutes without a minimum balance requirement, has a strength of over 70 employees for India operations. With the hiring spree, it looks forward to tripling this figure to over 200 by FY 2022. The idea is to generate jobs by building advanced technology, bolstering operations and eventually transform the overall banking ecosystem in India. The company will continue to focus on solving the top problems small businesses face: cash flow, through faster payments and access to lending products banks traditionally do not offer to small businesses, McIntyr said. SEE ALSO - <a href="https://www.businessinsider.in/tech/news/google-calendars-new-rsvp-option-will-let-you-specify-how-you-want-to-attend-a-meeting/articleshow/84237490.cms">Google Calendar’s new RSVP option will let you specify how you want to attend a meeting</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-hires-over-20000-in-june-quarter-its-highest-ever-quarterly-addition/articleshow/84240423.cms">TCS has loaded up half a million peeps as it expects many to move on</a>

US banking platform Novo to hire 100 engineers by next year in India

According to weather departments, the monsoon was below sufficiency this year and the grave consequences of low rainfall have already begun to show up. It is reported that drought like symptoms have started showing up in both rural and urban areas of the peninsular India. Maharashtra's Marathwada and western Maharashtra regions and north interior Karnataka, being the worst sufferers. 
 
While Kharif crop has already been affected, prospects of Rabi crop depend largely on rainfall in September. However, weather experts believe September rainfall will also be meagre. Authorities in Maharasthra having stored water in most dams for drinking purposes, chances are unlike that water will be diverted for irrigation purpose. 
 
Dams in the Pune region hold water up to just about half their capacity , compared with 82% at this time in 2014 and 87% in 2013. The Pune Municipal Corporation has decided to implement a 15% water cut and may restrict supply of drinking water to alternate days. 
 
Latur residents in Maharashtra are in grave distress as their plight of getting water, once in 8 or 15 days may worsen. Ujani dam, the lifeline of Solapur district, has zero live storage as against 72% at this time last year. Similarly, Jayakwadi dam in Aurangabad has just 5% live storage and the administration has made up its mind to use its dead stock, which is usually not exhausted, to meet drinking water requirements. As per the agriculture ministry, about 56% of the net cultivated area of the country is rain-fed, accounting for 44% of food production. 
Sugarcane farmers from drought-affected areas are selling cane as fodder instead of waiting for a few more months to sell it to sugar mills. They are getting Rs 2,800 to Rs 3,000 a tonne, compared to Rs 2,000 paid by most mills this year. Maharashtra Agriculture Minister Eknath Khadse has indicated that the state government may not allow sugar mills from drought-affected areas to crush sugarcane in the October September sugar year. A sugar mill of 2,500 tonne per day crushing capacity requires 5 lakh litres of water every day . 
 
Sugar mill owners said since cane availability will be less, very few mills will be able to do crushing next season. 
However, a venture started to artificially curate rainfall didn’t yield much result. the artificial rain fall experiment being carried out in Marathwada region has not given much rainfall, even after about 80 flying hours. "There are not enough rain-bearing clouds coming to this region," said a senior official. 
 
In some districts of neighbouring Karnataka, rains were as much as 40% less than what is considered normal. Of the total 171 talukas in Karnataka, the state government has declared drought in 135, almost four times more than last year. 
 
Karnataka has asked for more than Rs 3,000 crore of central assistance, state officials said. According to officials of the Karnataka State Natural Disaster Monitoring Natural Disaster Monitoring Centre, north interior Karnataka has most of the drought-affected areas.

Drought-like situation in Maharasthra and Karnataka. Blame it on low rainfall

<keyword id="24240143" type="General" weightage="20" keywordseo="Chennai-International-Airport" source="keywords" meta.keywordsubtype="org" meta.entityname="Chennai International Airport" meta.hostid="261" meta.entityid="Chennai International Airport">Chennai International Airport</keyword> has been temporarily shut down till 7 PM on Saturday in view of <keyword id="24172195" type="General" weightage="100" keywordseo="Cyclone-Fengal" source="keywords">cyclone Fengal</keyword> making landfall today evening. As heavy rainfall and strong winds intensified ahead of the cyclone, it is expected to cross between Karaikal and Mahabalipuram coasts, near Puducherry tonight. Multiple airlines companies already issued travel advisories and updates on their flight plans due to the continuing heavy rainfall in Chennai Tamilnadu. Earlier, <keyword id="19900374" type="General" weightage="20" keywordseo="IndiGo-airlines" source="keywords" meta.keywordsubtype="org" meta.entityname="IndiGo airlines" meta.hostid="261" meta.entityid="IndiGo airlines">IndiGo airlines</keyword> diverted all flights scheduled to come to Chennai. "Due to the impact of CycloneFengal in Chennai, flights operating to the city are being diverted. Our crew and airport teams are dedicated to providing all possible support &amp; assistance during this time. We sincerely appreciate your patience and understanding," the X post by IndiGo said. Meanwhile, security at the Puducherry coast has also increased as Puducherry Senior Superintendent of Police, Kalaivanan visited the beaches and the coastal roads in the region and inspected them for preparedness. The authorities have advised the public to not visit beaches in Puducherry as well as in Tamil Nadu's Chennai, including Marina Beach, Pattinapakkam and Edward Elliot Beach. The tourist spots in Puducherry have been closed as a precautionary measure, owing to the impending cyclone Fengal. <keyword id="24240138" type="General" weightage="20" keywordseo="Puducherry-police" source="keywords">Puducherry Police</keyword> in a post on X advised citizens, "In view of Cyclone Fengal, we urge you to exercise extreme caution and avoid visiting beaches and coastal areas" The SSP said that 300 police personnel have been deployed on various coastal roads and beaches. "For the last four days, we have been deploying police personnel along the beaches and apart from that we are also informing the fishermen and people living in the low-lying areas to be careful. Fishermen are not venturing into the sea. Since last night, we have closed all beaches. We have deployed nearly 300 personnel across all the beaches of Puducherry and we are coordinating with the NDRF also," the SSP said. The coastal areas of Puducherry witnessed rough sea and gusty winds on Saturday morning due to the impact of the cyclone. Puducherry received moderate rain, as per IMD, in the morning today but the rough sea was seen more than usual.

You Searched For "rainfall ventures" and got 4 results

Here's the pitch deck that Pillar, a student loan management startup, used to score $5.5 million from Kleiner Perkins and an A-list of Silicon Valley backers

Megan Hernbroth

US banking platform Novo to hire 100 engineers by next year in India

IANS

Drought-like situation in Maharasthra and Karnataka. Blame it on low rainfall

BI India Bureau

Cyclone Fengal: Chennai airport shut till 7 PM

ANI

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