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<keyword id="6412154" type="General" weightage="20" keywordseo="funding-winter" source="Orion">Funding winter</keyword> — a term referring to the reduced capital inflows to startups — has affected the entire ecosystem across the globe since mid-2022. Amid growing geopolitical uncertainties and failure of several storied startups, <keyword id="19913964" type="General" weightage="20" keywordseo="funding" source="keywords">funding</keyword> startups seemed to be a risky endeavour for many angel investors venture capitalists. But now, as the data for initial months of 2024 starts to pour in, the winter seems to be waning, at least in the Indian start-up ecosystem. <keyword id="19913963" type="General" weightage="100" keywordseo="Indian-startups" source="keywords">Indian startups</keyword> have raised $3.1 billion in venture capital (VC) funding during the first four months of 2024, according to GlobalData. The country has seen year-on-year (YoY) improvement in both the volume and value of <keyword id="1129629" type="General" weightage="20" keywordseo="VC-deals" source="Orion">VC deals</keyword> for this period. From January to April 2024, a total of 375 VC funding deals were announced, with their disclosed value amounting to $3.1 billion. This marks a YoY growth of 1.1% in the number of deals and 13.8% in their value. Analysis of GlobalData’s Deals Database shows that for the same period in 2023, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> witnessed the announcement of 371 VC deals, valued at $2.8 billion. The first quarter of the year itself witnessed two companies — <keyword id="20452451" type="General" weightage="20" keywordseo="krutrim-ai" source="keywords">Krutrim AI</keyword> and Perfios — turn unicorns, and several other late-stage deals were closed at impressive valuations. In all of 2023, only two startups — Zepto and <keyword id="19944450" type="General" weightage="20" keywordseo="incred-finance" source="keywords">InCred Finance</keyword> — had turned unicorns. "It is noteworthy that India, apart from being a key Asia-Pacific country standing just next to China in VC funding activity, is also among the top five markets globally, both in terms of VC funding deals volume and value," says Aurojyoti Bose, Lead Analyst at GlobalData, highlighting India's significant standing in VC funding activity. Some of the notable VC funding deals announced in India during this period included $300 million raised by Meesho, $216 million by PharmEasy, $103 million by Pocket FM, and $100 million by Shadowfax. <cmsannotation type="cmsannotation" annotationid="Waning winter may not mean a blockbuster return yet" comment="subhead" text="Waning winter may not mean a blockbuster return yet">Waning winter may not mean a blockbuster return yet</cmsannotation> <div type="image" title="GlobalData Financial Deal Database" msid="110552882" hostid="261" sizebytes="45578" caption="&amp;lt;p&amp;gt;India VC funding landscape during the first four months of 2024&amp;lt;span class=&amp;quot;redactor-invisible-space&amp;quot; style=&amp;quot;&amp;quot;&amp;gt;&amp;lt;/span&amp;gt;&amp;lt;/p&amp;gt;"></div> During the pandemic, many Indian funds amassed significant capital that remained unutilised, creating a substantial amount of "dry powder" or unallocated capital. This, along with renewed enthusiasm about India's growth story, could be the catalysis behind soaring VC funding. Praising India as a notable exception, Bose said that, “When several of its peer countries were witnessing a fall in either VC deals volume or value, and some countries were also experiencing a decline in both, India emerged as a notable exception to register improvement in terms of volume as well as value.” However, raising additional capital now faces challenges due to slower implementation of interest rate cuts globally. Moreover, continued funding winter in the West and persistent high inflation in some economies have even stoked fears of a recession. Despite a good start this year, the Indian startup ecosystem still has significant progress to make. After record startup inflows of $41.6 billion in 2021, funding sharply declined in 2022 and 2023. According to a Tracxn report, inflows dropped to approximately $25 billion in 2022 and further plummeted to a six-year low of $7 billion in 2023, which is just one-sixth of the 2021 figures. This year, India's share of the global VC funding deals has risen to 6.9% during January to April 2024, while it accounted for 4.1% of the global deal value. However, industry experts point that global funds are not flowing as freely as they did during the pandemic. Although the financial system is showing signs of improvement, the chances of startup funding returning to its previous levels this year are slim. <cmsannotation type="cmsannotation" annotationid="Funding winter continues in the West" comment="subhead" text="Funding winter continues in the West">Funding winter continues in the West</cmsannotation> In comparison, startups in most of the Western countries have continued to struggle in terms of VC funding. The UK saw the announcement of 389 VC funding deals worth $3.6 billion during January-April 2024, which is a YoY decline of 21.4% in deal volume and 32.8% in deal value. The US — a leader in the global startup ecosystem — also witnessed only 1,527 VC funding deals valued at $34.2 billion in the first four months of 2024, compared to 2,922 VC deals of $47.9 billion value during January-April 2023. This marks a YoY decline of 47.7% in the number of deals and a 28.7% decrease in their value. “Market volatility seems to have impacted the investors’ confidence in VC funding deal making activity in the US. However, despite the decline, the US continued to lead the global VC funding landscape in terms of deals volume as well as value,” remarked Bose. GlobalData also cautioned that historical data is subject to change if more deals are disclosed later due to delays in making information public.

Indian startups raise $3.1 Billion in VC funding in four months even as funding winter continues in the West

<ul><li>With 307 <keyword id="21237182" type="General" weightage="20" keywordseo="PE-deals" source="keywords">PE deals</keyword> totalling $8.1 billion – it’s their best quarter since April-June of 2023.</li><li>This quarter marks a significant shift in <keyword id="21088407" type="General" weightage="20" keywordseo="investment-trends" source="keywords">investment trends</keyword> in the PE landscape, says Grant Thornton.</li><li>While the number of <keyword id="20382290" type="General" weightage="20" keywordseo="MA-deals" source="keywords">M&amp;A deals</keyword> dropped 16%, their values rose by 38% due to the mega <keyword id="20330976" type="General" weightage="20" keywordseo="Reliance-Disney-merger" source="keywords">Reliance-Disney merger</keyword>. </li></ul>The <keyword id="21237181" type="General" weightage="20" keywordseo="private-equity-deals" source="keywords">private equity deals</keyword> in India have picked up pace in the January-March 2024. With 307 deals totalling $8.1 billion – it’s their best quarter since April-June of 2023, says a report by Grant Thornton. In terms of deal volumes, Jan-March is seeing its best quarter in 18 months. This marks a significant shift in investment trends in the PE landscape, Grant Thornton’s Q1 Deal Tracker. “Private Equity funds stood at a crossroads at the end of 2023: to wait for clearer market signals or to deploy the substantial dry powder accumulated from a year rich in exits. The data from Q1 2024 indicates a decisive tilt towards the latter, as evidenced by a noticeable uptick in PE deals, underscoring renewed commitment to nurturing growth across pivotal sectors,” says <keyword id="21237183" type="General" weightage="20" keywordseo="Vishal-Agarwal" source="keywords">Vishal Agarwal</keyword> Partner and Private Equity Group &amp; Deals Tax Advisory Leader Since Q4 of 2024, PE deals have seen a 10% increase in volumes and a 51% increase in values. The country also minted two unicorns, <keyword id="20450792" type="General" weightage="20" keywordseo="Krutrim-SI-Designs" source="keywords" meta.keywordsubtype="org" meta.entityname="Krutrim SI Designs" meta.hostid="261" meta.entityid="Krutrim SI Designs">Krutrim SI Designs</keyword> and Perfios, in the first quarter of the year. “Following a period primarily focused on exits through IPOs and block deals, Q1 witnessed a robust pivot in strategy, with keen interest across sectors such as consumer goods, financial services (particularly insurance and technology), telecom, and infrastructure,” says the report. The big deals are back too as the quarter saw two billion dollar deals and eight deals over or at $100 million. The top deal of the quarter was Data Investment Trust’s investment of $2.5 billion in ATC India Tower Corporation. “The uptick in PE activity, highlighted by the emergence of two unicorns and high-value deals across traditional sectors, provides hope for continued growth and investment opportunities. With upcoming events such as the elections, coupled with a strong pipeline of deals and increased attention from private capital, the outlook for 2024 remains optimistic," said Shanthi Vijetha, partner growth at Grant Thornton Bharat. Disney boost to M&amp;A deals While the number of M&amp;A deals dropped 16% from 143 to 120, values rose by 38% to $12.3 billion —- all thanks to the Reliance-Disney merger. It also pushed up outbound deals which saw a 9x surge. The market showcased resilience amid changing dynamics. Notably, while domestic M&amp;A volumes experienced a decline over the past year, cross-border activity surged to its second-highest quarterly level in five years. In Q1 of 2024, as many as 24 initial public offers amounted to $2 billion — the second-highest quarterly count in recent times. These IPOs were spread across 11 sectors, with manufacturing and pharmaceuticals emerging as the frontrunners, collectively capturing one-third of the issues. Companies also raised a similar amount — $2 billion — spread over 18 issuances. Despite a slight decrease in both the volumes and the amount raised, it’s the second-highest quarter in terms of deal volumes since 2018. “This highlights a resilient market environment, reflective of diverse investor interest across sectors and continued opportunities for capital raising,” the report says. Overall, the quarter saw 469 deals amounting to $24.5 billion, marking the highest level of activity since Q2 of 2022.

PE deals activity at a 15-month high in India, marking a shift trend: Grant Thornton

New Delhi, <keyword id="19945904" type="General" weightage="20" keywordseo="ola" source="keywords">Ola</keyword> founder and chairman <keyword id="19914967" type="General" weightage="20" keywordseo="bhavish-aggarwal" source="keywords">Bhavish Aggarwal</keyword> on Monday launched <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s artificial intelligence (AI) chatbot '<keyword id="20110109" type="General" weightage="20" keywordseo="krutrim" source="keywords">Krutrim</keyword> AI' to take on OpenAI's ChatGPT and Google's Gemini. The AI chatbot is now rolling out in public beta. "As promised, starting the @Krutrim AI public beta rollout today," <keyword id="20078319" type="General" weightage="20" keywordseo="aggarwal" source="keywords">Aggarwal</keyword> posted on X. "This is a start for us and our first-generation product. Lots more to come and this will also improve significantly as we build on this base. Do give us your feedback," he added. He said the chatbot will help users in more than 10 Indian languages, including English, Hindi, Tamil, Bengali, Marathi, Kannada, Gujarati and even Hinglish (a mix of Hindi and English). "Krutrim marks the dawn of a new era in the AI computing stack for our nation. We will aim to innovate alongside the world and define future paradigms," Aggarwal stated. The launch comes after Krutrim became the country's fastest unicorn and also the first AI unicorn in the country, after it closed its first round of funding. The funding round, led by investors such as Matrix Partners India and others, garnered an investment of $50 million in equity at a valuation of $1 billion.

Ola founder Bhavish Aggarwal launches India's AI chatbot 'Krutrim AI'

New Delhi, Indian startups have raised $732.7 million across 107 deals in January this year amid layoffs, shutdowns and top-level exits. According to TheKredible's data, there were 70 early-stage deals with a total value of $314.4 million, and 21 growth-stage deals worth $418.3 million. There were 16 undisclosed rounds. In January, the total funding for startups experienced a significant decrease from $1.7 billion in the last month of 2023. It was also the lowest funding amount for January when compared to the last three years, reports Entrackr. Notably, no startup managed to secure funding above $100 million in January. <keyword id="20320433" type="General" weightage="20" keywordseo="vivifi" source="keywords">Vivifi</keyword>, a fintech startup, received the most funding in January, totalling $75 million. AiDash, wow! Momo, <keyword id="20450793" type="General" weightage="20" keywordseo="impact-analytics" source="keywords">Impact Analytics</keyword>, and BluSmart were among the five most funded companies last month. Three companies in the growth stage, OneCard, Infra.Market, and Yulu, have raised debt funding, as per the data. <keyword id="20450792" type="General" weightage="20" keywordseo="krutrim-si-designs" source="keywords">Krutrim SI Designs</keyword>, led by Bhavish Aggarwal, has announced $50 million in funding, making it the fastest unicorn in the Indian startup ecosystem. International Battery Finance and three fintech startups - StockGro, FinAGG, and Ecofy - made the top five list. StockGro raised the most debt last month, the report noted. Layoffs continued to stalk startups, with more than 600 layoffs across three companies. Online food delivery platform Swiggy led the way with 350 layoffs, followed by Cult.fit and InMobi. Flipkart, an e-commerce marketplace, was also in the news for firing over 1,000 employees. In addition to layoffs, several top-level employees left Indian startups. Udaan alone saw two departures, including CFO Aditya Pande and FMCG business head <keyword id="20400665" type="General" weightage="20" keywordseo="vinay-shrivastava" source="keywords">Vinay Shrivastava</keyword>. The CEOs of Indus Appstore and KnowledgeHut, both owned by PhonePe, and the co-founders of DealShare and Fashinza have left. Besides layoffs, cricket non-fungible token (NFT) platform Rario and ByteDance's <keyword id="20158260" type="General" weightage="20" keywordseo="resso" source="keywords">Resso</keyword> announced to shut down operations.

Indian startups raised $732 million across 107 deals in January

New Delhi: <keyword id="21530712" type="General" weightage="100" keywordseo="Ola-Founder-Bhavish-Aggarwal" source="keywords">Ola Founder Bhavish Aggarwal</keyword> is placing bold bets on new-age technologies with a view for <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> to be at the forefront of the current global <keyword id="22912054" type="General" weightage="20" keywordseo="tech-transition" source="keywords">tech transition</keyword> led by AI, and build <keyword id="22912488" type="General" weightage="20" keywordseo="jobs-of-the-future" source="keywords">jobs of the future</keyword> in the country. In an interaction with PTI editors at the agency's headquarters here, he said the private sector has to do the bulk of job creation, step up and do more, while creating an enabling environment and correcting imbalances, such as that of trade, are the responsibility of the government. Aggarwal also supported the government's move to offer fiscal incentives to global EV makers, including Tesla, through the new EV policy saying it is important for India to attract all kinds of investment, and globally established players will help in the development of the EV ecosystem in the country. The group's newly-listed entity <keyword id="19945904" type="General" weightage="20" keywordseo="Ola" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola" meta.hostid="83" meta.entityid="Ola">Ola</keyword> Electric aims to make India a global electric vehicle (EV) hub but the country has to invent an EV and energy transition paradigm for itself based on its needs as the world cannot achieve a sustainable future without India, he added. "There is a global technology transition happening and AI is a very important technology of the future, and we in India need to lead this journey. If you look at the current state, I think we are still adopters of somebody else's technology paradigms, especially in the digital world," Aggarwal said, explaining why the Ola group had set up AI start-up Krutrim last year. One of the things in Krutrim is to build AI models on Indian data, which is more attuned to Indian use cases, Indian paradigms, he said, adding, "We are making our own AI, on our own cloud, on our own chip." Despite India producing 20 per cent of the world's digital data at present, he lamented that the country does not fully own the data, as 80 per cent are stored outside, which are then processed into AI and "brought back into India and sold to us in dollars". When asked about concerns over AI leading to job losses, he allayed the apprehension saying that the IT boom created jobs in India when people feared that computers would take away jobs, and AI is a similar tool. "AI is not going to replace anyone. Maybe that future is a few decades away... We don't need to get anxious about that future right now. We need to, as a country, see that AI is going to amplify productivity. If we don't get onto the bandwagon, we will be left behind...," he asserted. In his view, Aggarwal said the way forward is for India to become experts in future technology. "Future technologies bring with it jobs of the future, supply chain of the future. And if we are global leaders, we are the fastest adoptive market of future technologies (then) jobs of the future will be built in India, supply chains of the future will be built in India. This is the only way... If we focus on protecting the past, you remain uncompetitive," he added. Sharing his take on employment generation in India, Aggarwal said, "I actually believe the private sector has to do the bulk of the job creation. The government's job is to create the enabling environment, create the fundamentals, help correct imbalances wherever they are, be it trade imbalances, etc and incentivise wherever it needs to be incentivised, like the PLI schemes." The government's steps such as the employment-linked incentives will also encourage private industry, he said, adding "But fundamentally the private sector has to step up and do more". Asked if the government is doing enough to create that ecosystem for the private sector, Aggarwal said, "I'm not in the government, so I want to put the limelight on ourselves. Is the private sector doing enough? I think we all can do more, and I'm on the same page. We all need to do more." In response to a query on his views over the government in extending the fiscal concession that companies like Tesla have been demanding from India, he said, "It is very important for India to attract all kinds of investment, especially (from) world leading companies. "Tesla is a best in class company. The more companies like these invest into India, the better it is for India, in a broad sense as well for the industry." He further said, "The (EV) ecosystem, including my company, will benefit from it, because it will raise the bar on expertise, on excellence, on talent, everything..." About the newly-listed entity Ola Electric, he said, "Our mission at Ola electric is to really make India a global EV hub." The company will build products such as electric two and three-wheelers that Indians need for the country to be able to invent an EV and energy transition paradigm for itself, different from the current global solution for sustainability that is focussed on electric luxury cars, Aggarwal added. On Ola Consumer, he said the ride-hailing mobility vertical is fairly profitable, while it is investing into the new e-commerce for which it has partnered with ONDC.

India needs to lead global tech transition, build jobs of the future: Ola Founder Bhavish Aggarwal

<keyword id="19897349" type="General" weightage="100" keywordseo="Ola-Electric" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Electric" meta.hostid="265" meta.entityid="Ola Electric">Ola Electric</keyword> has introduced an array of new products and future plans, marking its entry into the electric motorcycle market and showcasing advancements in battery technology and software. The announcements were made during Ola's annual launch event, Sankalp 2024, held at the Futurefactory in Krishnagiri, Tamil Nadu. Ola has expanded its EV portfolio by launching the <keyword id="22805227" type="General" weightage="20" keywordseo="Roadster-series" source="keywords">Roadster series</keyword> of motorcycles—Roadster, Roadster X, and Roadster Pro. These motorcycles, built on Ola’s scalable and modular platform, boast a sleek and futuristic design aimed at transforming the two-wheeler market in India. <h2>Ola Electric launches Roadster series of motorcycles</h2>Positioned as an entry-level electric motorcycle, the Roadster X stands out with its 11 kW motor. Ola claims that it is the fastest in its segment. The motorcycle offers three battery variants (2.5 kWh, 3.5 kWh, and 4.5 kWh) with the top variant achieving a range of 200 km and a top speed of 124 kmph. The bike promises to feature advanced technology, including a Combi Braking System (CBS), Sports, Normal, and Eco riding modes, and a 4.3-inch LCD display powered by <keyword id="22805228" type="General" weightage="20" keywordseo="MoveOS-5" source="keywords">MoveOS 5</keyword>. Targeted at the commuter segment, the Roadster is said to be designed for speed and efficiency. With a powerful 13 kW motor and three battery variants (3.5 kWh, 4.5 kWh, and 6 kWh), it claims to be able to accelerate from 0 to 40 kmph in just 2 seconds and also promises to offer a best-in-segment range of 248 km. The Roadster is equipped with a 6.8-inch TFT touchscreen, multiple riding modes, and AI-powered features like the Krutrim Assistant. Coming to the Roadster Pro, it is Ola’s top-of-the-line offering, pushing the boundaries of performance with a 52 kW motor and 105 Nm torque. The 16 kWh variant claims to reach 40 kmph in just 1.2 seconds and boasts a top speed of 194 kmph, along with a range of 579 km. It features a 10-inch TFT touchscreen, two-channel switchable ABS, and advanced digital tech such as ADAS and integrated ride modes. <h2>Pricing and availability</h2>Reservations for all Roadster models are now open, with deliveries expected to begin in Q4 FY25 for the Roadster and Roadster X variants, and in Q4 FY26 for the Roadster Pro. Prices start at Rs 74,999 for the Roadster X (2.5 kWh variant) and go up to Rs 2,49,999 for the Roadster Pro (16 kWh variant). Ola Electric is also offering an industry-first 8-year battery warranty for its motorcycle range, along with access to its extensive charging network. <h2> Bharat 4680 Cell integration, Gen-3 platform and more announcements</h2>Ola Electric also announced the integration of its indigenously developed Bharat 4680 cell into its vehicles starting Q1 FY26. This lithium-ion cell promises to enhance the efficiency and cost-effectiveness of Ola’s electric vehicles. The Bharat 4680 cell, currently in trial production at Ola’s Gigafactory, claims to be five times more energy-dense than the widely used 2170 form-factor cells. It also offers a wider operating temperature range, a longer lifecycle with over 1,000 charge cycles, and rapid charging capabilities—up to 50% charge in just 13 minutes. At Sankalp 2024, Ola Electric also unveiled its Gen-3 platform, which will serve as the foundation for the company’s future EV models. This platform is designed to deliver superior scalability, enhanced performance, and better efficiency, all while reducing production costs. There were announcements on the software front as well. The company introduced the MoveOS 5. Building on the success of MoveOS 4, the latest version is said to improve the overall riding experience by introducing features like Group Navigation, Live Location Sharing, and Road Trip Mode. Additionally, MoveOS 5 will include performance-enhancing features such as Smart Charging, Smart Park, and predictive insights powered by Krutrim AI assistant. A beta version of MoveOS 5 will be available to users by Diwali 2024 via an over-the-air update.

Ola Electric Roadster motorcycles launched in India starting from Rs 74,999

New Delhi: <keyword id="19907577" type="General" weightage="20" keywordseo="shares" source="keywords">Shares</keyword> of <keyword id="19956271" type="General" weightage="20" keywordseo="ola-electric-mobility" source="keywords">Ola Electric Mobility</keyword> Ltd surged nearly 16 per cent on Friday morning after the <keyword id="21622893" type="General" weightage="20" keywordseo="Ola-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Group" meta.hostid="261" meta.entityid="Ola Group">Ola Group</keyword> announced its foray into the <keyword id="20314533" type="General" weightage="20" keywordseo="electric-motorcycle" source="keywords">electric motorcycle</keyword> segment with the launch of three models and two more in the pipeline. The company also reported a jump in revenue from operations for the April-June quarter of 2024-25. The stock jumped 15.77 per cent to Rs 128.09 on the BSE. At the NSE, it soared 15.59 per cent to Rs 128.20. <keyword id="19897349" type="General" weightage="100" keywordseo="Ola-Electric" source="keywords">Ola Electric</keyword> Mobility on Wednesday reported a jump in revenue from operations in the April-June quarter of FY25 at Rs 1,644 crore against Rs 1,243 crore revenue recorded in the same quarter of the previous fiscal. The June quarter has been a "good quarter" in terms of growth and profitability, Chairman and CEO <keyword id="19914967" type="General" weightage="20" keywordseo="Bhavish-Aggarwal" source="keywords">Bhavish Aggarwal</keyword> said in a post-earnings call. Meanwhile, the group has rebranded its ride-hailing service as Ola Consumer, announced a partnership with Open Network of Digital Commerce (ONDC) and launched automated warehousing solutions to cater to quick commerce requirements. Besides, Ola said it will bring to the market the first indigenously designed and developed family of chips for AI, general computing and Edge by 2026 under its Krutrim venture. Speaking at Sankalp 2024 - Ola's annual launch event on Thursday, Ola Founder Bhavish Aggarwal said currently, two-thirds of India's two-wheeler market consists of motorcycles, and it was imperative for the company to enter the segment. "We have already been successful in accelerating the EV adoption in the scooter segment, and with our futuristic portfolio of products, we are now focused on supercharging the EV penetration through our motorcycles," he said. Aggarwal also said Ola's indigenously developed 'Bharat 4680' cell and battery pack will be integrated with its own vehicles starting in the first quarter of FY26. The company so showcased its all-new Gen-3 platform for two-wheelers. "Coupled with the integration of our cells in our vehicles starting early next year, we are determined to chart a new course for mass EV adoption across India," Aggarwal added.

Ola Electric shares surge nearly 16 percent

<keyword id="19896016" type="General" weightage="20" keywordseo="New-Delhi" source="keywords">New Delhi</keyword>, <keyword id="19907577" type="General" weightage="20" keywordseo="shares" source="keywords">Shares</keyword> of <keyword id="19897349" type="General" weightage="100" keywordseo="Ola-Electric" source="keywords">Ola Electric</keyword> <keyword id="22807912" type="General" weightage="20" keywordseo="Mobility-Ltd" source="keywords">Mobility Ltd</keyword> surged 20 per cent on Friday to hit the upper circuit limit after the <keyword id="21622893" type="General" weightage="20" keywordseo="Ola-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Group" meta.hostid="261" meta.entityid="Ola Group">Ola Group</keyword> announced its foray into the <keyword id="20314533" type="General" weightage="20" keywordseo="electric-motorcycle" source="keywords">electric motorcycle</keyword> segment with the launch of three models and two more in the pipeline. The company also reported a jump in revenue from operations for the April-June quarter of 2024-25. The stock jumped 19.99 per cent to Rs 132.76 -- its highest trading permissible limit for the day -- on the BSE. On the NSE, shares of the firm soared 20 per cent to Rs 133.08 -- its upper circuit limit. The company's market valuation stood at Rs 58,558.18 crore. Shares of the Bhavish Aggarwal-led electric two-wheeler company made their market debut on August 9. From the issue price of Rs 76, the stock is currently up nearly 75 per cent. Ola Electric Mobility on Wednesday reported a jump in revenue from operations in the April-June quarter of FY25 at Rs 1,644 crore against Rs 1,243 crore revenue recorded in the same quarter of the previous fiscal. The June quarter has been a "good quarter" in terms of growth and profitability, Chairman and CEO <keyword id="19914967" type="General" weightage="20" keywordseo="Bhavish-Aggarwal" source="keywords">Bhavish Aggarwal</keyword> said in a post-earnings call. Meanwhile, the group has rebranded its ride-hailing service as Ola Consumer announced a partnership with Open Network of Digital Commerce (ONDC) and launched automated warehousing solutions to cater to quick commerce requirements. Besides, Ola said it will bring to the market the first indigenously designed and developed family of chips for AI, general and Edge computing by 2026 under its Krutrim venture. Speaking at Sankalp 2024 - Ola's annual launch event on Thursday, Ola Founder Bhavish Aggarwal said currently, two-thirds of India's two-wheeler market consists of motorcycles, and it was imperative for the company to enter the segment. "We have already been successful in accelerating the EV adoption in the scooter segment, and with our futuristic portfolio of products, we are now focused on supercharging the EV penetration through our motorcycles," he said. Aggarwal also said Ola's indigenously developed '<keyword id="22807913" type="General" weightage="20" keywordseo="bharat-4680" source="Orion">Bharat 4680</keyword>' cell and battery pack will be integrated with its own vehicles starting in the first quarter of FY26. The company showcased its all-new Gen-3 platform for two-wheelers. "Coupled with the integration of our cells in our vehicles starting early next year, we are determined to chart a new course for mass EV adoption across India," Aggarwal added.

Ola Electric shares surge 20%; hit upper circuit limit

<ul><li>Perfios and Krutrim AI turned unicorns, while Lohum, The Ayurveda, Cureskin and <keyword id="19919709" type="General" weightage="20" keywordseo="hunch" source="keywords">Hunch</keyword> raised chunky investments.</li><li>Many PE and VC funds made a killing in the public markets in 2023, which has fuelled optimism in the private markets, say experts.</li><li>Investors are warming up, say experts who are cautiously optimistic that funding winter which was set in 2022 might thaw this year. </li></ul>The year 2024 has been good for many startups, as deal activity is growing at a faster clip. While the funding winter that set in mid-2022 is far from over, there seems to be a thaw, opine experts. Not only did two companies — Krutrim AI and Perfios — turn unicorns, but many more late-stage deals are being closed at impressive valuations. In the last few weeks, VC investors have been writing checks at a feverish pace. Fintech Perfios raised $80 million and Bhavish Agarwal-backed Krutrim AI raised $50 million — each of these funding rounds valuing them at $1 billion. In all of 2023, only two startups — Zepto and InCred Finance — had turned unicorns. Apart from unicorn activity, there have been other large deals too. Lithium-ion battery pack maker Lohum raised $50 million, while personal care brands The Ayurveda and Cureskin raised $27 million and $20 million, respectively. Social media discovery app Hunch too raised as much as $23 million. Signals of revival The emerging trends could be the beginning of the end of a funding winter, say experts. Pratip <keyword id="20425093" type="General" weightage="20" keywordseo="mazumdar" source="keywords">Mazumdar</keyword>, partner at Inflexor Ventures says that the noticeable uptick seen in March strongly suggests a warming trend in the investment climate. “This observation indicates a possible conclusion to the previously experienced funding winter. The increased deal flow within our purview further corroborates this optimism, signalling a revitalizing market ready for robust investment and growth opportunities,” he adds. Yet, the Indian startup ecosystem has a long way to go. After spectacular startup inflows of $41.6 billion in 2021, the Indian startup ecosystem made a distinct mark in the global economy. However, funds have been sharply dwindling in the last year and a half. The inflows fell to around $25 billion in 2022 and further dipped to a six-year low of $7 billion in 2023 — one-sixth of 2021 figures — as per a Tracxn report. “These are green shoots for India's large and rapidly growing market. However, more sustained venture capital activity and successful exits over a longer period will be needed for a more definitive end to funding winter. And, the recent developments are encouraging, likely a cautious optimism — a start to a full-fledged thaw,” opines <keyword id="20999102" type="General" weightage="20" keywordseo="rajeev-ranka" source="keywords">Rajeev Ranka</keyword>, Partner at Incubate Fund Asia. The exit door opens wide The year 2023 saw the Indian stock market’s bull run, which enthused the primary markets as well. This optimism has flowed into the private markets, explains <keyword id="20999103" type="General" weightage="20" keywordseo="anirudh-a-damani" source="keywords">Anirudh A Damani</keyword>, managing partner at Artha Venture Fund. “There has been a buoyancy in the India story. For one, SME IPOs have picked up, and there has been a lot of upstream fishing which has triggered the pre-IPO rounds — which has spilled over to Series A,” <keyword id="20043640" type="General" weightage="20" keywordseo="damani" source="keywords">Damani</keyword> tells Business Insider India. A lot of high-profile VCs like Softbank, <keyword id="19971306" type="General" weightage="20" keywordseo="tiger-global" source="keywords">Tiger Global</keyword>, Bain and TPG exited many companies<a href="https://www.businessinsider.in/business/startups/news/private-equity-vc-players-make-a-killing-as-ipo-rush-yields-them-10000-crore/articleshow/105649221.cms"> via primary deals</a> (IPOs) as well as <a href="https://www.businessinsider.in/business/startups/news/pe-and-vc-investors-make-a-killing-in-the-2023-bull-market/articleshow/104034840.cms">secondary market (bulk and block deals)</a> in 2023. That’s made the India startup story stronger. “These exit events not only underscored the viability and potential for significant returns in venture investments but also contributed to the stabilization of valuations within the market. This has, in turn, created a more predictable and reliable landscape for investors, fostering an environment where confidence can flourish,” says Mazumdar. Cleanups, not cash burns The funding winter has also been a wake-up call for many companies as well as their investors – especially those commanding premium valuations. Many listed as well as unlisted companies pivoted to profits, reduced cash burn, and re-calibrated growth strategies. Many of them even tightened belts by reducing staff and other costs, and also agreed to participate in downrounds. Downrounds are those where a startup raises funds at a lower valuation than it did in an earlier round. Those startups that managed to survive with little or no fundraising also passed the acid test — and that’s attracting more investors into the game. “Founders who understand the drop in valuations are raising money. Those startups with profitability focus, scalability and are also generating good customer revenues with good reporting practices are in demand,” says Damani. In the funding boom period, many companies which were getting easy money were burning cash at a rate much faster than revenue growth. As funds became scarce, these practices went away and many of them shifted to positive unit economics. According to Ranka, these are signs of a more mature ecosystem. “Overcoming the funding winters, many startups pivoted from growth-at-all-costs to profit-oriented growth, and it helped keep the investors' trust. The period of valuation-correction has led to more realistic valuations, ushering the ecosystem to an investor-focused approach to growth,” he adds. Cautious optimism reigns the ecosystem Many funds had raised a large amount of capital during the pandemic, and after funding winter a lot of them have been sitting on massive amounts as well — referred to as dry powder across the industry. Yet, funds looking to raise more capital might be hit by a slower translation of interest rate cuts across the globe, a few economies slipping into recession and prevailing high inflation across economies. All in all, global funds wouldn’t flow as freely as they did during the pandemic. “Limited partners (LPs) are understandably cautious in the current economic climate. While the potential for global rate cuts is a factor, it's not the sole driver of their sentiment. LPs indicate a focus on understanding the underlying fundamentals of businesses seeking investment. LPs are primarily looking for sustainable growth potential and a focus on long-term value creation,” says Ranka. Here too, there is caution that’s seeping into optimism. “LPs are bullish on India as a market as it’s a rare market exhibiting growth and well poised for delivering good performance as an economy. However they are cautious in picking funds and looking for evidence in terms of past track record,” adds Mazumdar. Even as the system improves, the odds of startup funding getting back to its former glory this year remain very limited. Even if achieved, it could be a long and rocky path. But the signs of revival are here, and the sector only hopes that the reforms of the winter continue to boost the entire ecosystem towards greater heights in the coming quarters.

A 'thaw in startup funding winter' as two unicorns emerge within a quarter

B2B <keyword id="6395918" type="General" weightage="20" keywordseo="saas" source="Orion">SaaS</keyword> <keyword id="2461546" type="General" weightage="20" keywordseo="fintech" source="Orion">fintech</keyword> company <keyword id="1579449" type="General" weightage="20" keywordseo="perfios" source="Orion">Perfios</keyword> has become India's second <keyword id="152045" type="General" weightage="20" keywordseo="unicorn" source="Orion">unicorn</keyword> of 2024 as it raised $80 million in a new <keyword id="6357455" type="General" weightage="20" keywordseo="funding" source="Orion">funding</keyword> round from Teachers' Venture Growth (TVG), a late-stage venture and growth investment arm of Ontario Teachers' Pension Plan. Perfios now valued at more than $1 billion with the new investment, reports TechCrunch. The company said that it will be using the new capital for international expansion and to explore inorganic growth opportunities. It also plans to go public by next year. "Our business has been seeing steady growth year-on-year, with consistent improvement in the bottom line. I want to extend my heartfelt gratitude to all our partners who have trusted us throughout our journey," Sabyasachi Goswami, CEO of Perfios, was quoted as saying. Bhavish Aggarwal's AI startup Krutrim SI Designs raised $50 million at a $1 billion valuation last month, becoming the first unicorn of this year. Last year, Perfios raised $229 million in its Series D funding from leading private equity investor Kedaara Capital. Founded in 2008, Perfios is serving the banking, financial services and insurance industry in 18 countries, empowering more than 1,000 financial institutions. Perfios delivers 8.2 billion data points to banks and financial institutions every year to facilitate faster decisioning, and processes 1.7 billion transactions a year with an AUM of $36 billion.

Fintech firm Perfios becomes India's second unicorn of this year

New Delhi, <keyword id="19960026" type="General" weightage="20" keywordseo="india-inc" source="keywords">India Inc</keyword> saw 142 deals worth $6.1 billion in the month of January, marking a 15 per cent increase in volumes and a 21 per cent increase in values compared to December 2023, a new report showed on Thursday. The uptick in the deal activity was witnessed in private equity (PE) and presence of 2 billion-dollar investments worth $3.6 billion. "While technology sectors, spearheaded by startups and e-commerce, continue to drive PE momentum, the emergence of Krutrim SI Designs (co-founded by Ola's <keyword id="19914967" type="General" weightage="20" keywordseo="bhavish-aggarwal" source="keywords">Bhavish Aggarwal</keyword>) as <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s first unicorn sets an early milestone," said Shanthi Vijetha, Partner, Growth at <keyword id="20034170" type="General" weightage="20" keywordseo="grant-thornton-bharat" source="keywords">Grant Thornton Bharat</keyword>. "The prevailing positive sentiment suggests a buoyant outlook for deal making in 2024, signalling optimism and strategic evolution in the investment landscape," Vijetha added. The Indian mergers and acquisitions (M&amp;A) space recorded 41 M&amp;A deals at $1.4 billion, reflecting an 8 per cent increase in deal volume but a significant 64 per cent decline in values compared to December 2023. The PE space witnessed 101 deals at $4.7 billion, indicating a 17 per cent increase in volumes and a 298 per cent rise in values compared to 2023, the report said. Start-ups dominated deal volumes, reaching a high of 69 deals worth $253 million, driven by segments such as retail, fintech, enterprise applications, and health tech, the report noted.

India Inc sees 142 deals worth $6.1 bn in Jan amid positive sentiments

<ul><li>This latest round brings <keyword id="20120563" type="General" weightage="20" keywordseo="pocket-fm" source="keywords">Pocket FM</keyword>’s total funding to date to $196.5 million.</li><li>The new funding will aid its plans to expand into <keyword id="19897269" type="General" weightage="20" keywordseo="europe" source="keywords">Europe</keyword> and <keyword id="20923367" type="General" weightage="20" keywordseo="latam" source="keywords">LatAm</keyword> markets in 2024.</li><li>Pocket FM, founded in 2018, has a repository of over 100,000 hours of content. </li></ul>Audio entertainment platform Pocket FM announced on Wednesday that it has raised $103 million in Series D funding — making it one of the chunkiest fundraises of the year yet. The new funding will strengthen Pocket FM's push into the US market and also support global expansion as the company plans to expand into Europe and LatAm markets in 2024. This latest round brings Pocket FM’s total funding to date to $196.5 million, the company said in a release. The latest round was led by Lightspeed with participation from <keyword id="21028203" type="General" weightage="20" keywordseo="stepstone-group" source="keywords">Stepstone Group</keyword>. Pocket FM, founded in 2018, has been hailed as the ‘Netflix for Audio’. It has built a repository of exclusive audio series. It has over 100,000 hours of content, including over 2,000 exclusive audio series and more than 400,000 episodes across genres and languages. “What sets Pocket FM apart is its vision to set up a sustainable and profitable business, backed by its unique pricing strategy. It emerges as a great reference for the entertainment landscape, with its capability to demonstrate strong unit economics. They are not just building a new category but democratizing the entertainment landscape with a tech-driven approach,” said <keyword id="21028204" type="General" weightage="20" keywordseo="harsha-kumar" source="keywords">Harsha Kumar</keyword>, Partner at Lightspeed. The company said that it has surpassed $150 million in annual recurring revenue (ARR), and is growing at 57% quarter on quarter (QoQ). It has clocked over 20 million transactions in 2023. Pocket FM has put up an AI-led strategy for automation, content curation, production, and distribution. The company plans to leverage generative AI to scale its entertainment content offerings and build AI-powered personalized recommendations that enhance the overall user experience. “We identified an unexplored space in the entertainment industry driven by an increasing demand for audio fiction and crafted a playbook to address this opportunity across every key market," said <keyword id="20120566" type="General" weightage="20" keywordseo="rohan-nayak" source="keywords">Rohan Nayak</keyword>, CEO and co-founder of Pocket FM. The company announced its US entry in Q4 of 2022 and its revenue has surpassed $100 million ARR in the US market. The platform has approximately 10 million registered users in the US. "Our robust content library of audio series and a strong consumption behaviour on the platform is shaping the future of entertainment. Our focus remains on tapping into unique and exclusive stories to solidify our leadership in this emerging category and create a strong IP playbook. This latest funding validates our vision and the possibilities we bring to disrupt the industry,” said Nayak. It’s raining VC deals Apart from Pocket FM’s over $100 million fundraising deal, fintech Perfios raised $80 million to turn into a unicorn recently. VCs have been writing large-sized cheques this March. On Wednesday, yet another startup – homegrown wearables startup Ultrahuman said that it raised $35 million in a series B funding round. Lithium-ion battery pack maker Lohum also raised $50 million, while personal care brands The Ayurveda and Cureskin raised $27 million and $20 million, respectively. Social media discovery app Hunch too raised as much as $23 million. Apart from Perfios, yet another company, Krutrim AI also turned into a unicorn earlier this year. Sector experts believe that the funding winter <a href="https://www.businessinsider.in/business/startups/news/a-thaw-in-startup-funding-winter-as-two-unicorns-emerge-within-a-quarter/articleshow/108585420.cms">that was set in 2022 is thawing</a>.

You Searched For "krutrim" and got 12 results

Indian startups raise $3.1 Billion in VC funding in four months even as funding winter continues in the West

Deekshith Pinto

PE deals activity at a 15-month high in India, marking a shift trend: Grant Thornton

BI India Bureau

Ola founder Bhavish Aggarwal launches India's AI chatbot 'Krutrim AI'

IANS

Indian startups raised $732 million across 107 deals in January

IANS

India needs to lead global tech transition, build jobs of the future: Ola Founder Bhavish Aggarwal

PTI

Ola Electric Roadster motorcycles launched in India starting from Rs 74,999

Divyanshi Sharma

Ola Electric shares surge nearly 16 percent

PTI

Ola Electric shares surge 20%; hit upper circuit limit

PTI

A 'thaw in startup funding winter' as two unicorns emerge within a quarter

Katya Naidu

Fintech firm Perfios becomes India's second unicorn of this year

IANS

India Inc sees 142 deals worth $6.1 bn in Jan amid positive sentiments

IANS

In one of the largest deals of 2024, Pocket FM raises $103 mn to strengthen its global push

BI India Bureau

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