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Back in November 2022, when <keyword id="19918826" type="General" weightage="20" keywordseo="ChatGPT" source="keywords">ChatGPT</keyword> was launched for the public, interest around <keyword id="19896272" type="General" weightage="20" keywordseo="generative-AI" source="keywords">generative AI</keyword> reached new heights. The AI chatbot’s ability to respond to questions in a manner as if a human being was talking left many people surprised as well as awestruck. Soon, AI became a buzzword in the tech industry and investors started pouring funds heavily into AI companies. <h2><keyword id="19959576" type="General" weightage="100" keywordseo="Dunzo" source="keywords" meta.keywordsubtype="org" meta.entityname="Dunzo" meta.hostid="261" meta.entityid="Dunzo">Dunzo</keyword> co-founder staring his <keyword id="20128843" type="General" weightage="20" keywordseo="AI-company" source="keywords">AI company</keyword></h2>In May, an Economic Times report based on insights from market research firm Tracxn said that AI startups in India have already raised USD 91.7 million in funding so far this year, which is a significant increase from USD 29.6 million during the same period last year. And now, former <a href="https://www.businessinsider.in/business/startups/news/quick-commerce-platform-dunzo-lays-off-30-of-its-workforce/articleshow/99290084.cms" data-type="tilCustomLink" target="_blank">Dunzo </a>chief <keyword id="22628971" type="General" weightage="20" keywordseo="Mukund-Jha" source="keywords">Mukund Jha</keyword> is reportedly looking forward to start his own AI company. A Moneycontrol report citing sources said that Jha is in discussions to raise between Rs 50-80 crore (approximately $6-10 million) from <keyword id="22628972" type="General" weightage="20" keywordseo="Together-Fund" source="keywords" meta.keywordsubtype="org" meta.entityname="Together Fund" meta.hostid="261" meta.entityid="Together Fund">Together Fund</keyword> for his new venture. This comes after Jha stepped down from the board of the cash-strapped startup Dunzo last year. Jha's new venture reportedly focuses on generative <a href="https://www.businessinsider.in/business/startups/news/ai-startup-neysa-raises-20-mn-from-matrix-partners-nexus-venture-partners-more/articleshow/109181059.cms" data-type="tilCustomLink" target="_blank">artificial intelligence</a> (Gen AI) and aims to automate quality assurance (QA) processes. "Think of it as a blend of AI and SaaS," an insider told Moneycontrol. QA involves creating and running tests, identifying errors, and providing feedback to ensure products meet quality standards. <h2>What happened with Dunzo?</h2>The delivery startup Dunzo delivers essential goods like groceries, household items, fruits and vegetables, pet supplies, pharmaceuticals etc to people locally. Supported by <keyword id="19901342" type="General" weightage="20" keywordseo="Reliance-Retail" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Retail" meta.hostid="261" meta.entityid="Reliance Retail">Reliance Retail</keyword>, the startup has faced strong competition from companies like Zepto, Swiggy, and BlinkIt. Despite raising around $500 million, Dunzo has struggled to secure additional investment and manage payroll. In February, there were rumors that Flipkart might acquire the platform, but there have been no updates on this matter since. Dunzo, on the other hand, was making headlines earlier this year for facing various financial struggles. The company’s top investor Lightbox also exited in May this year. On the other hand, the company is reportedly experiencing a cash crunch and owes approximately Rs 11.4 crore to various vendors, including Google India, Nilenso, Clover Ventures, Facebook India, Cupshup, Koo, and Glance. <h2>About Together Fund</h2>Together Fund, from which Jha is reportedly going to raise funds for his new venture, has invested in over 20 companies across various SaaS sectors, including recruitment, sales intelligence, marketing, healthcare, and cloud solutions for connected devices. “Our areas of focus span across SaaS, enterprise software, developer tools, open source software, cloud-native infrastructure and API-first businesses. We typically invest early (seed, pre A or series A) to help founders through the crucial zero-to-one part of their journey,” the company’s website reads. Together Fund was founded in 2021 by Girish Mathrubootham of Freshworks, Manav Garg of Eka Software, and Shubham Gupta formerly of Matrix Partners India. It initially raised USD 85 million for its first fund and increased the total to USD 150 million with its second fund announced in 2023

Dunzo co-founder Mukund Jha plans to start his own AI company, seeks to raise up to Rs 80 crore from Together Fund

<ul><li><keyword id="19938729" type="General" weightage="20" keywordseo="ather-energy" source="keywords">Ather Energy</keyword> has filed draft papers for a ₹3,100 crore IPO with SEBI.</li><li>Ola Electric had raised ₹5,500 crore in its IPO in August.</li><li>Ather Energy plans to set up a new manufacturing facility in Maharashtra.</li></ul>Electric two-wheeler manufacturer Ather Energy has announced that it is going public and raising ₹3,100 crore in its initial public offering (IPO). The Tarun Mehta-led company has filed its Draft Red Herring Prospectus (DRHP) with the Securities Exchange Board of India (SEBI). The proposed IPO includes a fresh issue of shares worth ₹3,100 crore and an offer for sale (OFS) component of 2.2 crore shares by promoters and investors. <keyword id="20253467" type="General" weightage="20" keywordseo="tarun-mehta" source="keywords">Tarun Mehta</keyword> and <keyword id="19993824" type="General" weightage="20" keywordseo="swapnil-jain" source="keywords">Swapnil Jain</keyword> will offload 10 lakh shares each. Caladium Investment Pte Ltd, National Investment and Infrastructure Fund II, Internet Fund III Pte Ltd and 3State Ventures Pte. Ltd are among the investors selling their shares. <div type="Article" hostid="261" msid="109128809" title="Ather Rizta launched in India as the Hero MotoCorp-backed EV forays into the family scooter segment" mstype="2" mssubtype="0"></div> Ather Energy’s IPO is nearly half of what its rival Ola Electric raised through its <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms">IPO</a> last month. This will make Ather Energy the second electric two-wheeler maker in India to go public. Ather Energy is backed by Hero MotoCorp, which has a 37.2% stake in the EV maker. Hero MotoCorp will not sell its shares in the IPO. Apart from Hero MotoCorp, Flipkart co-founders Sachin Bansal and Binny Bansal have also invested in Ather Energy. The EV maker will use the funds raised in the IPO to establish a manufacturing facility in Maharashtra and invest in research and development. The proposed manufacturing facility in Maharashtra will come up in Chattrapati Sambhaji Nagar district. The company currently has a manufacturing facility at Hosur, Tamil Nadu. Ather Energy sells four electric scooters: the 450S, 450X, 450 Apex and the recently launched <a href="https://www.businessinsider.in/business/auto/news/ather-rizta-electric-scooter-launched-in-india-starting-at-rs-109999/articleshow/109128809.cms">Rizta</a>, a family scooter. The company also sells products like the Halo smart helmet and other scooter accessories. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-pro-iphone-16-pro-max-india-price-specifications/articleshow/113204340.cms">iPhone 16 Pro and iPhone 16 Pro Max with bigger displays, A18 Pro chipset launched starting at ₹1,19,900</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-iphone-16-plus-price-specs/articleshow/113203568.cms">iPhone 16, iPhone 16 Plus with A18 chipset launched starting at ₹79,900</a> <a href="https://www.businessinsider.in/stock-market/news/shree-tirupati-balajee-agro-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113196203.cms">Shree Tirupati Balajee Agro IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

Ather Energy looks to raise ₹3,100 crore, files IPO papers with SEBI

<keyword id="16492024" type="General" weightage="100" keywordseo="Homegrown-EV-charging" source="Orion">Homegrown EV charging</keyword> and <keyword id="16492025" type="General" weightage="20" keywordseo="mobility-solutions-company" source="Orion">mobility solutions company</keyword> <keyword id="14455900" type="General" weightage="20" keywordseo="Magenta-Mobility" source="Orion">Magenta Mobility</keyword> has raised $40 million in its Series B <keyword id="12999336" type="General" weightage="40" keywordseo="funding" source="ETB2B" meta.aliasname="funding" meta.entityname="funding" meta.entityid="7040">funding</keyword> in a mix of equity and debt, the media reported. Backed by <keyword id="16492026" type="General" weightage="20" keywordseo="Microsofts-global-startup" source="Orion">Microsoft's global startup</keyword> programme, the company closed $20 million in equity funding led by two global marquee investors, reports DealStreetAsia. The company raised $20 million in debt in the same round. Magenta is aiming to expand its geographical presence in cities including Hyderabad, Chennai, Delhi and Chandigarh. The company has a fleet of 600 3-wheelers and 4-wheelers across the country and expects to have over 4,000 in fiscal 2023-24, the report said. Last year, the Mumbai-based charging solutions provider announced its collaboration with Amazon <keyword id="13362851" type="General" weightage="40" keywordseo="india" source="ETB2B" meta.aliasname="india" meta.entityname="india" meta.entityid="7017">India</keyword>. Through this partnership, Magenta Mobility works with Amazon India to induct a fleet of <keyword id="12991107" type="General" weightage="40" keywordseo="electric-vehicles" source="ETB2B" meta.aliasname="electric vehicles" meta.entityname="electric vehicles" meta.entityid="7048">electric vehicles</keyword> including two and four-wheeler electric vehicles for its delivery partners in Hyderabad. Magenta Mobility's current list of customers includes all the major e-commerce businesses such as Amazon, Flipkart, Bigbasket, Porter and Udaan. It has a relationship with the electric-vehicle manufacturers such as Tata Motors, Mahindra Electric, Omega Seiki and Euler Motors. Magenta is a Series A funded company backed by HPCL and investors such as JITO Angel Network, LetsVenture, and Indian-American philanthropist, Dr Kiran Patel. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/renault-nissan-commits-5300-cr-to-tn-to-introduce-6-new-models-including-evs/articleshow/97867394.cms">Renault-Nissan commits ₹5,300 cr to TN; to introduce 6 new models including EVs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/reliance-seeks-12-75-for-cbm-gas-ongc-wants-9-35/articleshow/97867864.cms">Reliance seeks $12.75 for CBM gas, ONGC wants $9.35</a>

EV startup Magenta Mobility raises $40 million in equity and debt

<ul><li><keyword id="11494632" type="UNKNOWN" weightage="20" keywordseo="commerceiq">CommerceIQ</keyword> has raised $60 million in Series C round, led by Insight Partner.</li><li>It plans to use this funding to expand its team in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> and crack more M&amp;As.</li><li>The tech platform currently has 2200 customers including Kellogg’s and Colgate-Palmolive.</li></ul>CommerceIQ, a tech platform that helps businesses make entry into e-commerce, has closed its Series C round at a $60 million. The round was led by Shopify-backer Insight Partner, along with participation from Trinity Ventures, Shasta Ventures, and Madrona Venture Group. The California and Bengaluru-based e-commerce management platform helps 2200 consumer brands -- like Kellogg’s, Nestle, Colgate-Palmolive and more -- manage their e-commerce operations. Though many of its clients do have their own marketplaces and direct-to-customer (D2C) operations, they only account for a minor portion of their sales. Therefore, CommerceIQ solely focuses on helping them with sales through established third-party e-commerce platforms like <keyword id="18635" type="COMPANY" weightage="20" keywordseo="Amazon">Amazon</keyword>, Walmart, Shopify and more, which can bring them better results. It ties and automates multiple functions like sales, advertising, supply chain operations, and also drives large scale automations across the e-commerce operation. Indirect e-commerce sales take on D2C approach “Most e-commerce happens through indirect commerce [third-party e-commerce platform]. You never go to Colgate.com or Huggies.com or places like that to buy toothpaste or a diaper. You are essentially going to Amazon.com, Walmart.com or in India’s case <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>.com. About 85% of the total e-commerce in the US happens through indirect, only 15% happens on direct platform," Guru <keyword id="1175" type="COMPANY" weightage="20" keywordseo="Hariharan">Hariharan</keyword>, chief executive officer (CEO) of CommerceIQ told Business Insider. He further explained that CommerceIQ’s clients use it as a data store for all the necessary data points across sales, marketing, supply chain and more. The company also applies its machine learning algorithms to figure out the trends, apt pricing and anomalies in terms of the business. “We are essentially a machine that plugs into the Amazon and Walmart machine, and drives the growth of these brands on these platforms,” Hariharan added. The company earns its revenue by renting out its softwares to its customers. It also claims that its software helps its clientele get a 40% boost in their e-commerce sales and 20% higher profits. Hariharan believes that the growth of D2C, which gained momentum over the last year, is going to be capped compared to indirect e-commerce competitors. Where does India come into play for CommerceIQ? CommerceIQ was founded in 2012 and has raised about $100 million to date across three funding rounds. It had raised $12 million in Series B and $8.5 million in Series A in 2014. Majority of CommerceIQ’s operations currently lie in the North American continent, however, it is looking to expand into European as well as Asian markets with the latest fundraise. It is also currently working on some pilot projects in India and plans to launch a holistic operation in the country by 2022, Prasoon Kumar, CommerceIQ’s vice president of engineering and head of India operations, told Business Insider. All these algorithms and softwares are built in CommerceIQ’s development centre in Bengaluru, <keyword id="6354780" type="LOCATION" weightage="20" keywordseo="Karnataka">Karnataka</keyword> in India. The centre has a workforce of around 110 people who look into engineering, analytics, data science, machine learning and more. The Bengaluru office also handles product, customer operations and support. A part of the funding will also be used to double its workforce in the Bengaluru office in the next 18 months. “India is a key and strategic centre for us. We are going long in our investments in India,” Hariharan added. Besides this, it is also planning to expand its go-to-market by both organic and inorganic means. It will look into setting up operations across international markets in order to boost its sales. On the other hand, it is planning mergers and acquisitions (M&amp;As) to expand its product offerings as well as value for customers. Talking about CommerceIQ’s integration with its sales process, Surabh Pokhriyal, worldwide director of global digital commerce at Colgate-Palmolive, said automation of its indirect sales has helped the company move forward from manual processes and streamline its e-commerce operations, driving market share and profitability. SEE MORE: <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-and-amazon-may-not-be-able-to-do-flash-sales/articleshow/83737670.cms">Amazon, Flipkart and other e-commerce platforms may not be able to do flash sales any more, if Indian government has its way</a> <a href="https://www.businessinsider.in/india/news/after-assam-up-law-commission-proposes-population-control/articleshow/83706798.cms">India’s most populous state is about to take some stringent measures to control population</a> <a href="https://www.businessinsider.in/cryptocurrency/news/el-salvadors-bitcoin-experiment-is-gaining-momentum-even-if-the-world-bank-doesnt-want-to-lend-its-support/slidelist/83634654.cms">Here’s how El Salvador’s Bitcoin experiment is playing out so far — the good, the bad and the ugly</a>

E-commerce management platform CommerceIQ raises $60 million, looks to launch India operations by 2022

<ul><li>The round was led by GIC, CPP Investments and Softbank.</li><li>Parent company Walmart also pumped money into the Indian ecommerce biggie.</li><li>CEO of <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> said the firm will focus on India’s MSMEs.</li></ul>Walmart-owned e-commerce titan Flipkart has raised $3.6 billion (approx. ₹26,800 crore at current rates) at a post-money valuation of $37.6 billion. The round of funding was led by Singapore-based GIC, Canada Pension Plan Investment Board (CPP investments), Softbank Vision Fund 2 and Walmart. DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad, Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global also participated in this mega-investment round, the company said in a statement on Monday. Kalyan Krishnamurthy, chief executive officer of Flipkart, said in a statement that Flipkart will “focus on accelerating growth of millions of small and medium Indian businesses, including kiranas [mom and pop stores].” Parent company Walmart is expected to hold about 74% to 75% stake in the ecommerce giant after this round. Walmart had acquired 77% stake in Flipkart back in 2018, giving exits to founders Binny and Sachin Bansal, subsequently. The acquisition had given a partial or complete exit to several other marquee investors as well, including Tiger Global, SoftBank, Naspers and Accel among others. Tiger Global and SoftBank were two of the biggest beneficiaries of the Flipkart acquisition. Tiger Global clocked <a href="https://www.bloomberg.com/news/articles/2018-05-09/tiger-global-is-said-to-reap-3-billion-from-flipkart-investment">three times return</a> on its $1 billion investment in the company. Meanwhile, SoftBank had invested about $2.5 billion in Flipkart back in 2017 and sold its stake to Walmart a year later, for $4 billion. Flipkart will use this fresh capital to expand its operations, further increase its market share and other vertices like groceries, fashion and consumables. A part of the fund will also go into enhancing the company’s supply chain and logistics network. “This investment by leading global investors reflects the promise of digital commerce in India and their belief in Flipkart’s capabilities to maximise this potential for all stakeholders. We will continue to invest in new categories and leverage made-in-India technology to transform consumer experiences and develop a world-class supply chain,” CEO Krishnamurthy added. The capital will also allow Flipkart to take on other well-fueled competition Amazon, Reliance and Tata Group, who have been going aggressive to take on Flipkart’s share of the market. Flipkart India Private Limited had reported a revenue of <a href="https://www.business-standard.com/article/companies/flipkart-india-revenue-grew-12-to-rs-34-610-cr-in-fy20-losses-dropped-18-120120101431_1.html">₹34,171 crore</a> in the financial year 2020, whereas Amazon Seller Services was at ₹11,028 crore. These revenues were for e-commerce businesses. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-ecommerce-website-is-down-as-the-company-is-hit-by-a-massive-outage/articleshow/84335580.cms">Amazon India product pages are down across the website as buyers begin their Monday morning shopping</a> <a href="https://www.businessinsider.in/business/auto/news/hero-electric-raises-220-crore-to-sell-over-a-million-electric-scooters-a-year/articleshow/84335696.cms">Hero Electric raises ₹220 crore to sell over a million electric scooters a year</a>

You Searched For "flipkart fund raising" and got 5 results

Dunzo co-founder Mukund Jha plans to start his own AI company, seeks to raise up to Rs 80 crore from Together Fund

Divyanshi Sharma

Ather Energy looks to raise ₹3,100 crore, files IPO papers with SEBI

Sourabh Jain

EV startup Magenta Mobility raises $40 million in equity and debt

IANS

E-commerce management platform CommerceIQ raises $60 million, looks to launch India operations by 2022

Kritti Bhalla

Flipkart raises $3.6 billion at a valuation of over $37 billion, to focus on ‘millions of small and medium Indian businesses’

Dearton Thomas Hector

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