In the last five years, India’s online dating sector has experienced explosive growth on the back of various tech-based platforms, especially apps, entering the ecosystem. The proof of this is a staggering 293% increase in users, with the sector reaching 82.4 Mn in 2023. 

However, despite this growth, dating app platforms in the country are faced with a unique set of challenges, including a skewed male-to-female ratio and an untrustworthy or unverified base of suspicious users. In addition, dating apps have lately become breeding grounds for criminal activities.  

Moving on, many dating platforms in the country are struggling to generate revenue and retain users due to the limited presence of women on these platforms. To keep this at bay, platforms generally overlook the quality of users they onboard, leading to an increase in imposters and fraudsters on the platforms.

To assuage the Indian online dating ecosystem, the father-son duo of Kaushik and Anirban Banerjee are building flutrr, a vernacular dating app that is laser-focused on women’s safety. It also addresses common issues faced by dating platforms, such as gender imbalance and user security, by using its proprietary safety technology developed to ensure women’s protection.

“We have implemented several safety features based on feedback from women. For example, after a woman from Jhansi raised concerns about her cousin finding her on the app, we introduced a ‘block contact’ feature to prevent anyone from a user’s phonebook from seeing their profile. Similarly, we added a feature called ‘ghost mode,’ which allows women to display only their initials and hides their exact location. We also added a private mode messaging feature to prevent cyber harassment,” Kaushik told Inc42.

However, the platform’s unique value proposition lies in serving women from Tier II and Tier III towns and cities. The founders, with their app, claim to provide a safe alternative to both casual dating and arranged marriages. Per the founders, the startup’s brand messaging has been carefully crafted to foster long-term, meaningful relationships. 

The app supports English, Hindi, Bengali, Tamil, Telugu, Malayalam, and Kannada, and is looking to add Northeastern languages such as Garo, Khasi, and Assamese. The founders claim to have over 5 Lakh monthly active users (MAU) on the dating app and more than 9 Lakh app downloads. 

fluttr’s turnover jumped to INR 2.5 Cr in the financial year 2023-24 (FY24) from INR 99 Lakh in FY23 and INR 17 Lakh in FY22.

Meanwhile, the dating platform is all set to raise INR 3.75 Cr as part of a strategic funding round from Zee Akaash News, a wholly-owned subsidiary of the media conglomerate.

The Idea Of flutrr

Before launching flutrr, Kaushik, an IIT Lucknow alumnus, spent three decades in the corporate world working across sectors like FMCG, consumer durables, media, telecom, building materials, and fashion. 

In 2014, he took a sabbatical to focus on consultancy, helping SMEs with digital transformation. Floating a startup wasn’t on his mind until 2020, when his son, Anirban, came up with the idea.

Back then, Anirban, a mass communication graduate from St Xavier’s College, was all set to go to the UK to pursue his MBA. However, the plans were impacted due to the arrival of the Covid-19 pandemic. Anirban decided to pursue a startup instead.

Next, Anirban, along with his GenZ friends, inspired by their heartbreaks, came up with the idea of launching a dating app.

“I initially turned down the idea, pointing out that there are already many dating apps in India, and questioned their unique selling proposition,” Kaushik said.

His son then went back for further research and spoke to many youths. This time, he returned with the concept of building a vernacular dating app, particularly for non-English audiences. Kaushik found the idea interesting, more because English can be a barrier for many in the country.

After three months of research, the Father-Son duo started developing an app to cater to Tier II and II cities like Assam, Siliguri, Varanasi, Lucknow, and Jaipur. In December 2021, the startup launched the platform in Hindi, Bengali, and English. 

According to the cofounder, while Covid-19 did not significantly impact the launch, working remotely was a big challenge for the team. 

Another major challenge the brand faced was onboarding women on the platform, Kaushik said. The duo spent the initial four to six months understanding the motivation behind women’s decisions to join the platform. 

The brand’s first milestone of approximately 10,000 users was also achieved during these initial months, particularly after they decided to introduce a campus ambassador network, which helps the startup promote its app’s services, among college students. 

It involves collaborations with student influencers to spread awareness about flutrr and engage the youth. These ambassadors enhance the app’s visibility through social media and word-of-mouth marketing.

flutrr’s Monetisation Strategy

From the start, the founders were clear about their focus — tapping into the potential of non-English-speaking individuals from Tier II and III cities and suburban areas. 

Given that the platform was made for audiences living in the real Bharat, the founders resisted floating a subscription-based model. They knew that these consumers were unlikely to pay INR 700-800 for dating app subscriptions. 

Their initial plan was to monetise the app through advertisements. However, this model didn’t work as expected as they started receiving complaints about excessive ads on the platform. Consequently, the founders shifted to a microtransaction model, allowing users to access the app for free but pay for specific services. 

“For instance, users could boost their profile for six hours by paying INR 30. This change led to a significant shift in revenue, and today, 95% of our earnings come from microtransactions,” Kaushik said.

Additionally, they prioritised women’s privacy and safety, especially considering the dynamics of smaller towns. 

From the outset, the founders implemented proprietary safety features and continuously enhanced them over time. These features include face recognition to eliminate fake profiles, a no-screenshot policy, private mode messaging to prevent cyber harassment, profanity filters, the ability to block known contacts from the phonebook, location-hiding options for privacy, a blur filter during video calls, and allowing only Aadhaar-verified profiles to chat or match.

Kaushik added that women also have access to delete the chat of their match if they feel uncomfortable. 

Another realisation was that English-speaking dating apps were viewed as casual or hookup apps, while matrimonial apps were seen as geared toward arranged marriages. 

“Many young people in small towns were not interested in arranged marriages but also didn’t want casual dating. They were seeking long-term relationships that fit somewhere between the two. As a result, we repositioned flutrr as a relationship app rather than a dating app, with a focus on old-school romance,” the founders said.

All in all, the startup generates revenues from microtransactions, ads and its campus ambassador network.

What’s Next For flutrr? 

Currently, the app provides AI-driven features like a love coach and personalised music composer. Additionally, it plans to roll out conversational AI to help users craft replies based on the other person’s sentiments.

Going forward, Kaushik plans to elevate the dating app to a whole new level by introducing offline experiences.

“The vision for flutrr extends beyond being just a dating app; it aims to involve both online and offline experiences. After Diwali, we are planning to host singles meetups at local cafés in smaller towns. Users will be able to see where the events are happening and sign up through the flutrr app,” Kaushik said.

The initial launch will take place in cities like Jaipur, Kanpur, Lucknow, Patna, Allahabad, Bhopal, and Indore.

Besides, the startup is currently focussed on technology development and rolling out new AI features. For example, in September, it launched flutrr Tunes, which lets users compose their own songs using AI tools and send them to impress someone special. 

For FY25, the startup also aims to boost microtransaction revenue to hit profitability. “Our goal is to double our user base to 2 Mn downloads by mid-2025. We also aspire to become a 1 Mn MAU company with a profitable bottom line. Once we achieve this, we will consider a Series A funding round,” Kaushik said.

So far the company has raised $1 Mn (INR 8.3 Cr) funding from investors, including Zee Media Corporation, TOI, The Chennai Angels (TCA), Kiana Ventures, Huma Qureshi, StartupLanes, and certain CXOs of Fortune 500 companies.

Per the founders, the penetration of Indian dating apps in Tier II and III markets is only around 4-5%. The overall dating app market in India is valued at INR 3,600 Cr and is growing at an annual rate of 17%. 

Given that the market is set for significant expansion over the next decade, it will be interesting to see how the cofounders of flutrr take on Tinder, Bumble and other more established dating apps in the country with their Bharat-only thesis.

[Edited By Shishir Parasher]

The post flutrr’s Bharat Bet: Can It Outshine Tinder & Bumble In India’s Dating Space? appeared first on Inc42 Media.

Over four months after the launch of its JioFinance app in beta mode, Jio Financial services has added multiple new offerings and launched an upgraded version of the app. 

In a statement, the company said that it has added a wide array of financial products such as loan on mutual funds, home loans (including balance transfers), and loan against property since the launch of the beta mode. 

The company claimed that over 6 Mn users have “experienced” the JioFinance app so far and it incorporated the feedback received from these users to improve the app.

“With the refreshed JioFinance app, which is truly made in India, and with many more new new features coming soon, we are well on our way towards becoming a trusted financial companion for the people of India, helping them fulfill their aspirations with our comprehensive suite of financial products,” said Hitesh Sethia, managing director and CEO, of Jio Financial Services. 

The app is available on Google Play Store, Apple App Store, and MyJio. In its beta launch, the app integrated digital banking, UPI transactions, bill payments, and insurance advisory.

The company claimed that users can open a digital savings account with Jio Payments Bank Ltd (JPBL) in under 5 minutes via the app. It said that over 1.5 Mn customers currently use the app to manage their routine, recurring expenses using their JPBL account.

The JioFinance App also provides users with a consolidated view of their bank accounts and mutual fund holdings. It also offers 24 insurance plans, including life, health, two-wheeler, and motor insurance, the company said.

From digital lending, banking and insurance to broking and asset management, Jio Financial Services aims to disrupt the fintech sector in the country by leveraging technology and Jio’s wide customer base.

In August, Jio Financial Services marked its entry into the international market by expanding the capabilities of its JioFinance App. The app now enables Indian travellers to make payments at select tourist attractions in Paris, including ticket purchases for the Eiffel Tower and in-store shopping at Galeries Lafayette Paris Hausmann.

Earlier this month, Jio Financial Services and BlackRock received in-principle approval from the Securities and Exchange Board of India (SEBI) to establish a mutual fund business. 

The company has also signed joint venture agreements with BlackRock to set up wealth management and brokerage ventures.

On the financial front, Jio Financial Services reported a net profit of INR 313 Cr in Q1 FY25, a 5.7% decline from INR 332 Cr in Q1 FY24. Operating revenue rose slightly to INR 418 Cr from INR 414 Cr in the year-ago quarter. 

The post Jio Financial Services Expands JioFinance App With New Offerings appeared first on Inc42 Media.

Venture capital firm Z47, formerly Matrix Partners India, is reportedly looking to offload stakes in companies such as Ola, OfBusiness, Razorpay, and DailyHunt, together worth between $150 Mn and $180 Mn. 

An ET report claimed Z47 has held talks with other funds for a multi-company transaction, as demand for secondaries heats up in the Indian market. 

As Inc42 reported a few weeks ago, there has been a wave of secondary deals in the first half of the year, where more than a dozen such deals were recorded, but many came at a discount. Early investors in the likes of Capillary, ixigo, Urban Company, Porter, and Pocket FM, among other startups, have entered into secondary deals to get exits from these startups. 

Besides this, prominent VC firms told Inc42 that the entry of new secondary funds has given a lot of comfort to LPs that have been stung by the long-horizon primary investment route at the early stage. This has also resulted in many early-stage VCs finding exits in portfolio companies.

Incidentally, Matrix Partners India split from its US partnership and rebranded as Z47 earlier this year, but has been an active investor in India since 2006. It currently manages assets worth over $1.5 Bn across more than 100 startups, including notable names such as A23, Razorpay, Ola, Ola Krutrim, DailyHunt, Country Delight, among others. 

Last year, Matrix announced the final close of its fourth fund with a size of $525 Mn. Since then, it has been actively deploying capital across various homegrown startups, backing companies such as B2B home decor brand Trampoline, GenAI startup Grey Labs AI, and D2C brand Foxtale in recent months.

Among its largest exits in recent years was Five Star Finance where Z47 saw a $300 Mn exit, after the company went public in November 2022. 

In addition, the fund has sold partial stakes in OfBusiness, Dailyhunt, and Bhavish Aggarwal-led mobility startup Ola.

Among these, OfBusiness is said to be preparing for an IPO and has kicked off discussions with investment bankers as it aims for an initial public offering by August next year.

For Matrix and Z47, the Ola Electric bet paid off handsomely during the company’s IPO. The firm held 12.66 Cr shares in the company at an weighted average price of INR 8.22 per equity share, and sold 37.27 Lakh shares worth around INR 28.33 Cr. 

This gave the firm a 9.2X return on its investment in Ola Electric. Z47 continues to hold a stake in Ola Electric and has also invested in Ola Krutrim as part of its unicorn round. 

The post Z47 Looks To Offload Stake In Four Indian Unicorns appeared first on Inc42 Media.

In another move to diversify beyond the grocery segment, Zomato-owned Blinkit is now preparing to roll out a cafe feature to deliver snacks and beverages.

According to Mint, the feature will be launched in pilot mode in select cities later this month, with quick deliveries for fast-moving snacks such as samosas and sandwiches. 

Blinkit will reportedly also add items that require preparation time like pasta and noodles, depending on demand for such deliveries.

The offering will compete directly with Zepto Cafe, as well as Swiggy’s ‘Cafe’, which was launched to deliver snacks and beverages in 15 minutes in select areas of Bengaluru.

For now, Swiggy Cafe has curated a few beverage options such as coffee, milkshakes, and protein bars from brands like Blue Tokai and The Whole Truth.

Zepto took the lead in quick snack deliveries with the launch of Zepto Cafe in Mumbai in 2022. It adopted a hybrid approach to deliver branded pre-made food items with non-branded items. 

Zepto claims that this addition helped boost average order values, as users were likely to order tea, coffee, and snacks along with groceries. It’s not clear how much revenue Zepto earned from the Cafe vertical. 

Over the last six months, quick commerce players have expanded operations and diversified their catalogue to meet growing consumer demand. Pretty much all platforms including Swiggy Instamart and the new Flipkart Minutes have entered into categories such as electronics, beauty, pet care, toys and smaller household appliances.

In the case of Blinkit, the additions resulted in gross order value (GOV) surging 130% to INR 4,923 Cr in Q1 FY25 from INR 2,140 Cr in the corresponding quarter last year. Sequentially, it increased by 22.2% from INR 4,027 Cr in Q4 FY24.

Currently, Blinkit operates 639 dark stores across the country, with the average daily GOV per store rising to INR 10 Lakh, compared to INR 6 Lakh from 383 stores previously. The company aims to scale the number of dark stores to 2,000 by the end of 2026 while maintaining profitability.

As per analysis by brokerage CLSA, the gross order value of major quick commerce players like Blinkit, Zepto and Swiggy Instamart is expected to reach $10 Bn by the financial year 2025-26 (FY26) thanks to the expansion beyond grocery and into Tier 2 and 3 markets. 

The post Blinkit Set To Launch ‘Cafe’ For Quick Snack Deliveries appeared first on Inc42 Media.

In another trouble for embattled BYJU’S, a lawsuit in the federal court of Delaware in the US has reportedly accused the edtech giant of transferring $700,000 from its US affiliates in violation of the bankruptcy proceedings.

Citing the court papers, Bloomberg said that a trustee of one of the affiliates of the Byju Raveendran-led company has accused BYJU’S of syphoning off funds to Whitehat Education Technology. The money was to be repaid to BYJU’S US-based creditors, which are at war with the company over pending dues.

The trustee is seeking to recover nearly $700,000 that was transferred from entities under her oversight.

The US-based lenders have been fighting legal battles in the US as well as in India to recover dues from BYJU’S. The edtech giant has also been accused of hiding $533 Mn from the lenders. In August, a US court directed Riju Ravindran, brother of Byju Raveendran, to pay $10,000 a day till he helps locate the missing amount.

As a result, BYJU’s four units in the US are facing bankruptcy proceedings, the Bloomberg report said. As per the rules in the US, such companies cannot transfer money without an approval from the bankruptcy judge.

However, the lawsuit alleges that between September 26 and October 7, funds were transferred from the Stripe account of the bankrupt companies to a Wells Fargo bank account associated with Whitehat.

The trustee has alleged that individuals in India using “Byju-related email accounts” have attempted to access the US debtors’ account, the report added.

Inc42 has reached out to BYJU’S for comments on the development. The story will be updated on receiving a response.

At the core of the issue is the Term Loan B secured by BYJU’S through a credit agreement in November 2021. A total of 37 financial institutions participated in this loan, which stipulated that lenders could enforce their rights if the edtech startup defaulted on its loan repayments. Consequently, BYJU’S parent, Think & Learn Private Limited, pledged 100% of its equity in its US-based subsidiary, BYJU’S Alpha, as a collateral for the loan. 

Last year, after the struggling edtech startup defaulted on its payments, the consortium of lenders, represented by Glas Trust, became eligible to exercise their remedies as outlined in the credit agreement.

Quickly afterwards, Glas Trust filed a plea before the Delaware Court of Chancery and sought a declaration that their actions were valid. Thereafter, in November last year, the court delivered a ruling in favour of the consortium of lenders and agreed with Glas Trust’s interpretation of the credit agreement covenants and determined its actions, which included talking over BYJU’S Alpha, to be valid. 

Since then, the consortium of lenders has also been mounting a legal challenge in India against BYJU’S. 

The edtech startup, which was once the poster boy of the Indian startup ecosystem, has been plagued by an acute funding crunch, slowdown in operations, among others, over the last few years, which has resulted in it currently undergoing bankruptcy proceedings in India as well.

The post BYJU’S Accused Of Transfering Funds From US Units In Violation Of Bankruptcy Rules appeared first on Inc42 Media.

A probe by the Tamil Nadu government has reportedly found that a fire at the anodising plant was the ‘most probable cause’ behind the major fire at Tata Electronics’ iPhone manufacturing unit in Hosur last month.

The fire broke out in the anodising plant due to a failure in the thermostat control of one bath, Economic Times reported a source as saying.

The fire spread through the air duct and completely destroyed the anodising facility, as per the probe report which has been shared with the executives of Tata Electronics as well. However, a detailed investigation is still underway.

The report said that the findings of the probe will be submitted to the Directorate of Industrial Safety and Health (DISH) for review once the probe is completed.

“Right now, the structures are unstable, and Tata Electronics is conducting its own assessment for an insurance claim, so the government will have to wait before probing further,” another source was quoted as saying. 

It is pertinent to note that the fire disrupted operations at the iPhone plant. Following the mishap, Apple dispatched a supplier responsibility (SR) team to assess the situation and provide guidance to the contract manufacturer.

On October 3, Tata Electronics announced plans to partially resume operations at the facility. 

Over the last few years, India has emerged as an important manufacturing destination as Apple looks to diversify its production beyond China. The tech giant manufactures one in seven iPhones in India and aims to manufacture about 25% of its iPhones in the country over the next 3-4 years. 

As per reports, Apple will be manufacturing the entire range of its recently launched iPhone 16 in India.

It has also started procuring iPhone components from India, and many of Apple’s suppliers are setting up their base in the country.

Besides, India is also a big market for Apple. The company’s annual sales in the country touched the $8 Bn mark in FY24. Amid the growth in sales, the company is said to be preparing to open four new retail stores in India.

The post Tata iPhone Plant Fire: Anodising Plant Likely Source, Finds Probe appeared first on Inc42 Media.

Telecom major Bharti Airtel is reportedly in advanced talks with the Tata Group to acquire Tata Play, a direct-to-home (DTH) business that has been operating at a loss. 

According to an ET report, the acquisition aims to strengthen Airtel’s presence in the struggling digital TV segment and enhance its bundled offerings, ultimately boosting non-mobile revenues through convergence.

If the acquisition succeeds, it will represent Tata’s exit from its underperforming content and entertainment operations. This would be the second agreement between the two business groups, following Bharti’s acquisition of Tata’s struggling consumer mobility business in 2017, which was integrated two years later. This also marked N Chandrasekaran’s first divestment as chairman of Tata Sons after he assumed leadership of the group holding company.

“The group had bet on the growth of Tata Play and recognised its strategic value until the dynamics of the market changed,” an executive close to the development told ET. “The group has been clear that it must maintain a position of strength and scale in any market. That did not materialise as hoped with Tata Play. In contrast, Tata Play aligns well with Airtel’s strategic plans and its portfolio of offerings to consumers.”

Tata Sons, the holding company of the diversified conglomerate, currently owns 70% of Tata Play after acquiring Singapore investment firm Temasek Holdings Pte’s 10% stake in April for INR 835 Cr ($100 Mn). This acquisition valued the company at $1 Bn, a decline of one-third from its pre-pandemic valuation of $3 Bn.

Walt Disney owns 30% of Tata Play but has been seeking to exit the TV distribution business after streamlining its portfolio and merging its media operations with Reliance Jio in India. Disney inherited its stake in Tata Play through Sky after its 2019 mega-merger with Rupert Murdoch’s 21st Century Fox. Before acquiring Temasek’s stake, Tata had also purchased the minority stake held by Tata Opportunities Fund in the venture.

Airtel is expected to acquire Tata Play at a valuation similar to that of the Temasek deal, as per the report. The original plan was to consolidate the Tata stakes and pursue an IPO, with documents filed in 2022. However, Tata suspended the listing plan in August.

The development comes months after telecom major Bharti Airtel announced plans to shut down its music streaming platform Wynk Music. Besides, Airtel also announced a partnership with Apple to offer exclusive deals for Apple TV+ and Apple Music to its customers. Wynk Premium users will transition to Apple Music and benefit from exclusive offers.

The post Bharti Airtel In Talks To Acquire Tata Play In Digital TV Offerings Push appeared first on Inc42 Media.

Samsung India has signed a Memorandum of Agreement (MoA) with a group of workers to resolve the ongoing strike at the company’s plant in Sriperumbudur, near Chennai.

Samsung India has agreed to several demands aimed at addressing the challenges faced by the workforce. 

Last month, the union government urged the Tamil Nadu government to expedite a resolution to the strike. Samsung Electronics employees have been protesting outside the plant since September 9, demanding recognition of the Samsung India Workers Union, which the company has yet to acknowledge, despite long standing requests for its formation.

According to an ET report, the company said it will prioritise implementing various measures to improve the working environment for the welfare of its workers. 

Samsung will also engage in continuous consultations with a workers’ committee to enhance wage competitiveness. Additionally, the company will offer an interim special incentive, termed the productivity stabilisation incentive, amounting to INR 5,000 per month from October 2024 to March 2025. The specifics of this payment will be finalised in discussions with the workers’ committee.

“This special incentive shall be considered with the annual increment in wages for the year 2025-26, that will be finalised in consultation with workmen committee during the wage negotiations,” the company said in the MoA, reviewed by ET.

The company has also agreed to expand the operation of air-conditioned buses from the current five routes to all 108 routes by next year. Additionally, it will increase the number of workmen family invitation events from four to six times annually and provide a gift worth INR 2,000 to each family attending an event.

“In the unfortunate event of the death of an employee while in service, the company shall provide an additional immediate assistance of INR 1 Lakh to the family to take care of their immediate needs,” Samsung added.

Additionally, the company will open a new medical room, diversify the cafeteria menu, increase meal allowances, and upgrade break rooms, restrooms, and lockers. It will also install canopies between buildings, offer more vacation days, and provide a INR 2,000 gift card to workers on the birth of a child.

However, according to another report, the Centre of Indian Trade Unions (CITU) stated that the 29-day strike will continue, as no resolution was reached during the talks held by the Tamil Nadu government with representatives of Samsung management and the striking employees of its Sunguvarchatiram plant.

The development comes at a time when union labour minister Mansukh Mandaviya has directed aggregator platforms to onboard all eligible gig workers onto the e-Shram Portal within three months. The minister issued this directive during a meeting with representatives from Urban Company, Swiggy, Zomato, Porter, Even Cargo, Amazon, Uber, and Ola on September 18. 

Launched in 2021, the e-Shram portal serves as a national database for unorganised workers, including migrant workers, construction workers, and gig and platform workers.

The post Samsung India Reaches Agreement With Workers To Resolve Strike At Chennai Plant appeared first on Inc42 Media.

The best part about being a kid is that your imagination is filled with countless possibilities, whether it is about landing among the stars in a small rocket ship or wandering off to far-off neverlands. However, for kid Vibha Tripathi, it has always been about bringing electricity and water to her native village in Uttar Pradesh’s Hardoi district.

Now, before we steal a glance at Tripathi’s journey — from becoming an IITian to developing technology that has helped tackle water and electricity crises in many areas, eventually leading to her founding a watertech startup (Boon) — let’s accustom ourselves to the seriousness of these two challenges.

For starters, the country has only 4% of the world’s freshwater reserves, which makes it one of the most water-stressed nations on the face of the planet. And, as far as the energy crisis is concerned, not many know that the country’s thermal power plants are heavily dependent on water to keep cool and run optimally. 

While 40% of the country’s thermal power plants were located in areas facing high water stress until 2018, about 70% of India’s thermal power plants are expected to face high water stress by 2030.

But it was not the dilapidated state of the country’s resources that bothered Tripathi the most, but the uneasiness of how to make her native village water and energy sufficient if not surplus. 

As the dots connected, her interests started leaning towards solar energy and how adept this source of clean energy is at handling other crises.   

She spent several years researching and studying solar materials and the electronic energies of solar power. With enough experience in the field, Tripathi, a PhD graduate and professor from IIT Kanpur, decided to create an ecosystem for solar energy with her husband in 2008-2009.

Beyond providing electricity, she wanted to harness the Sun to bring clean drinking water to underserved regions of the country. This made her quit her job as a research engineer at IIT Kanpur in 2008, and she began to develop a solar-powered water purification system.

“At the time, solar technology was still in its infancy, and the Internet of Things (IoT) was not yet widely recognised. I began developing a control panel for IoT on my own, feeling confident in my technological abilities,” Tripathi said, adding that the first machine came together quickly and later became a popular initiative named “Swajal”.

The project soon gained recognition and was supported by grants from organisations like the UNDP and the Energy Efficiency Partnership.

Currently, as many as 500 of Swajal’s water ATMs are deployed at around 150 villages. These water systems are also used by the UN in Africa, including Ghana and Zimbabwe.

However, what began as a social initiative evolved into a full-fledged business after Tripathi’s son Advait joined her cause and saw how her mother’s tech could help not just the deprived but also the well-to-do strata of society.

The result was Boon, a watertech startup which is focussed on addressing India’s water concerns with innovative, tech-driven solutions.

The Birth Of A Cleantech Startup, Boon

Founded in 2015 by the mother-son duo, the startup leverages IoT for sustainable water usage and conservation. Additionally, the startup specialises in water purification solutions. Using IoT technology, Boon delivers real-time assessments of drinking water quality and quantity. The company’s smart water system allows homes and businesses to track, customise, and analyse drinking water 24/7.

The Gurugram-based startup also claims to have saved 2 Lakh bottles and removed 10 Lakh kg of plastic, serving a diverse clientele including hospitality chains, multinational companies, and Fortune 500 enterprises.

The startup is present in all major Indian cities and works with around 400 hotels, including names like JW Marriott, Accor Hotels, IHG, Hyatt, Radisson, and Oberoi, among others. “Our water filter solutions hold an 80% market share in the hotel sector, primarily in Tier I cities,” Advait said.

With a current team size of 400 and total funding of $6.6 Mn, it counts Spanish Roca Group Ventures and Rajasthan Venture Capital Fund (RVCF) as its key investors. 

The startup’s unique selling proposition lies in its patented technologies that enable predictive filter maintenance using AI, ensuring high efficiency and reliability in its water purification systems.

On the financial front, Advait claimed that the startup reported INR 25.2 Cr in FY24 revenues, reflecting a 105% rise from the INR 12.25 Cr posted a fiscal year ago.

Boon’s Early Days & Tech Stack

As mentioned above, Boon is the byproduct of Tripathi’s vision and passion for creating a social impact. Speaking with Inc42, Tripathi said that while she was always confident about her technical skills, she often faced challenges on the business front. 

Then, as stars aligned, her son, Advait, who had earlier shown little to no interest, decided to fully commit to Tripathi’s endeavour and rebrand “Swajal” to Boon.

Before the incorporation of Boon, “Swajal” (between 2015 and 2018) was purely focussed on installing water ATMs at railway and bus stations, providing drinking water for just INR 1 or INR 2.

“A lot has changed since the Swajal rebranding. Now, instead of primarily providing WaterATMs, we have become mainly the providers of water tech, which comprises IoT to power and manage water ATMs. Our technology enables water quality and filter monitoring, which is crucial for remote areas,” the founders said.

As per Kumar, the Swajal initiative was focussed only on making a meaningful impact  on society by providing clean drinking water to underserved communities. “Our target from the start was simple, we just wanted to do something for the people,” the cofounder said. 

However, it was only in 2018 that Advait initiated discussions about expanding the brand’s reach, and the first thing was to rebrand the business and then view its offerings with a fresh perspective. 

Next, the cofounders began developing a purification management system (Boon Purify). Launched in 2018, Boon Purify is a smart purification system that is designed for commercial use. Per the founder, Boon Purify goes beyond traditional RO systems with its state-of-the-art water purification technology. 

The AI-based purifier provides hydration without generating plastic waste or carbon emissions, all at a cost lower than 20-litre plastic water bottles. Further, it allows users to monitor filters, track water wastage, and measure total dissolved solids (TDS) to ensure optimal water quality. 

Another significant development during that time was the cofounders’ growing concern about plastic waste. To address this, the cofounder duo of mother and son launched Boon Refill. Introduced in 2019, this refill system helps organisations produce sustainable packaged glass water in-house. It includes washing, filling, and sterilising systems, catering primarily to hospitals, schools, and hotels, allowing them to bottle their water on-site instead of getting water from outside.

The startup is currently working on a device, called Water Stick, which integrates Boon’s WaterIoT and WaterAI technologies to transform any standard purifier into a smart system. It collects and analyses data to improve water quality monitoring. The work-in-progress is yet to be launched in India.

Besides this, the founders leverage IoT and AI to monitor water health, TDS levels and filter maintenance. In areas like Greater Noida and Bengaluru, the startup’s AI recommends appropriate filters and predicts associated costs.

Its technology simplifies the management and upkeep of water systems, ensuring they function efficiently across different locations.

What’s Next For Boon?

Currently, the startup is focussed on affordability. Besides, its strategy is aimed at creating a sustainable business model centred around high-end clients, enabling them to reinvest profits into affordable water solutions for underserved communities.

“WaterATM has both upfront costs and operations and maintenance (O&M) expenses. While income from selling water covers some of these expenses, the initial setup still relies heavily on government tenders and CSR activities. As a company, we were economically dependent on external funding for our operational costs. However, by targeting the top of the pyramid, we were able to significantly reduce the cost of WaterATM units and lower the O&M,” Advait said.

Going forward, the company will focus on its refill solutions, particularly in sectors like hotels, hospitals, and universities, to reduce plastic usage. Its primary focus will also be on developing and refining its solutions. 

The startup is also planning to launch its Water Stick by FY26 in India, marking its entry into the consumer product space. The company also plans to launch this stick globally to make water purifiers smart.

Apart from this, Boon currently offers larger purifiers but is exploring smaller options to help users better track their water consumption. The founders project to reach a revenue of INR 75 Cr revenue by FY25. 

While the founders take pride in Boon’s tech stack, they also see several challenges related to the country’s depleting water quality and levels in India. Per the founders, it is getting challenging to manage the rising costs of filter replacements, leading to subdued quality water filters and devices creeping into this market.

[Edited By Shishir Parasher]

The post Can This IoT Startup Solve India’s Drinking Water Woes? appeared first on Inc42 Media.

Zomato’s chief executive Deepinder Goyal has said that malls should be “more humane” towards delivery partners, as he shared his firsthand experience as a delivery agent while picking up orders for the food tech giant.

Goyal and his wife, Grecia Munoz, who now goes by Gia Goyal on Instagram, took on the role of delivery partners in Gurugram to gain firsthand experience of the challenges faced by delivery executives while dropping orders.

The duo shared a video on Instagram in which Goyal revealed he was instructed to use the stairs and was not allowed to enter a mall in Gurugram while delivering food.

In the post, Goyal shared his experience, saying, “During my second order, I realised that we need to work with malls more closely to improve working conditions for all delivery partners. And malls also need to be more humane to delivery partners. What do you think?”

The video features Goyal approaching the mall’s entrance in a red Zomato delivery uniform. In the video, he is seen having a brief conversation with the security guards, who direct him to a side staircase. He then inquires about any special elevators for delivery executives before proceeding to climb the stairs to the third floor to reach the restaurant.

This comes days after Goyal announced that he will not be appearing in the upcoming season of Shark Tank India. His absence follows competitor Swiggy’s request for Goyal’s removal as part of their sponsorship deal for the TV show.

Meanwhile, the company has been consistently improving its profit margins on the back of strong growth in its business, particularly in its quick commerce vertical Blinkit.

Zomato’s consolidated net profit surged multifold year-on-year (YoY) to INR 253 Cr in Q1 FY25, while revenue from operations jumped 74% YoY to INR 4,206 Cr.

The company aims to strengthen its revenue by focusing on the going-out business. As part of this strategy, Zomato has acquired Paytm’s event and movie ticketing subsidiaries and launched the “Book Now, Sell Anytime” feature, allowing users to sell tickets for any live event purchased through the Zomato app.

The post Zomato CEO Deepinder Goyal Calls On Malls To Be ‘More Humane’ Towards Delivery Partners appeared first on Inc42 Media.

Frammer AI, a video creation platform floated by former media executives, has bagged seed funding of $2 Mn (INR 16.7 Cr) led by gaming-focused venture capital firm Lumikai.

The company will deploy the fresh proceeds to expand its offerings into sports and entertainment, as well as to invest in data training for its focus areas. 

Founded by NDTV’s former CEO-President Suparna Singh, former CTO Kawaljit Singh Bedi and former chief strategy officer Arijit Chatterjee, Frammer AI provides an AI-powered studio that helps enterprises transform their content into engaging, monetisable videos. The platform digitises premium content with a single click, focusing primarily on large and medium-sized publishers across various genres.

It identifies engaging segments to create monetisable short videos for various digital platforms and produces vertical videos like YouTube Shorts and Instagram Reels.

“We’ve used all our experience and knowledge to train Frammer to deliver the most accurate results for complex content, and it’s gratifying to see very effective results,” said Chatterjee.

By leveraging advanced AI technology and proprietary training methods, Frammer AI enables businesses to produce ready-to-publish, high-quality videos for social media, he added.

“The need for – and interest in – short-form video has never been higher.  We’re thrilled to hear from clients that Frammer is creating larger audiences for them by utilising all their videos to their fullest potential,” said Singh.

The platform’s proprietary training ensures high-quality transcription of Indian languages and accurate detection of visual elements like faces, logos, and sentiment. This enables seamless conversion from horizontal to vertical videos, helping organisations boost revenue through affiliate and contextual advertising.

The company was recently named the AI content partner for Brightcove, a US-listed firm that provides streaming services to publishers. Lumikai, a venture capital firm focused on interactive media and gaming, has backed several industry leaders, including Elo Elo, Bombay Play, All Star Games, and Supernova. 

The funding comes at the heart of India being home to 13,000 startups focused on new emerging technologies across sectors such as artificial intelligence, internet of things, robotics and nanotechnology by the end of FY24, the Economic Survey 2023-24 said. 

This growth is driven by the rising adoption of AI in sectors such as healthcare, finance, manufacturing, and retail. Additionally, the Indian government’s National Programme on AI is further supporting this expansion.

Last month, AI-powered legal tech startup jhana.ai raised $1.6 Mn in its ongoing maiden funding round, led by Freshworks cofounder Girish Mathrubootham’s venture capital firm Together Fund.

In August, AI-focused wealthtech startup InvestorAi secured INR 80 Cr ($9.56 Mn) in a Series A funding round led by Lucky Investment Managers’ founder Ashish Kacholia.

In July, Stable Money secured INR 123.5 Cr ($14.7 Mn) in its Series A funding round led by RTP Capital, along with participation from Matrix Partner and Lightspeed Ventures.

The post Former Media Executives’ Frammer AI Bags $2 Mn To Help Enterprises Monetise Their Video Contents appeared first on Inc42 Media.

Update | October 5, 09:58 PM: This story has been updated to include comments from sources close to the company.

Sources at WazirX have rejected the report which said that the troubled crypto exchange took down a YouTube video in which its management claimed to share 100% profits from any crypto price appreciation during its restructuring process with the users in the future. 

The sources close to the company told Inc42 that the crypto exchange did not take down any such video. They said that the initial link pertained to the live town hall broadcast. Later, the company uploaded the entire YouTube video with a new URL, they claimed. 

Earlier, The Crypto Times claimed that WazirX took down a YouTube video where the company management claimed that it would share 100% profits from any crypto price appreciation in future with users. 

The comments came during an hour-long town hall session on October 4, which saw WazirX cofounder Nischal Shetty and George Gwee, director of Kroll, the legal entity managing the crypto exchange’s restructuring after $234 Mn heist, answering questions from affected users. 

During the Q&A session, a user raised a question over what will be the sharing percentage of profits if crypto prices appreciate during the restructuring process. To this, Gwee said that 100% of profits from crypto price appreciation during WazirX’s restructuring would be shared with users. 

However, as per The Crypto Times, the video was made private by WazirX right after users “praised” Shetty for the move. 

The development came hours after WazirX announced plans to form a Committee of Creditors (CoC) by October 9, as the exchange works to restructure its liabilities following a $234 Mn hack that left its Indian users with significant losses. 

The 10-member panel, consisting of users affected by the hack, will provide advice and feedback on WazirX’s restructuring plan, according to a blog post by the company.

In July, one of WazirX’s multisig wallets witnessed a major breach, resulting in the loss of over $230 Mn in digital assets, accounting for more than 45% of the exchange’s

In the aftermath, cofounder Nischal Shetty tried to deflect responsibility for the breach on wallet provider Liminal, a claim that Liminal refuted last month. Afterwards, the company also announced a bounty hunter programme to gather clues on the whereabouts of the missing cryptos. 

Eventually, the crypto exchange filed an application before the SIngapore High Court, in August, seeking moratorium as the move would give it the necessary “breathing space” to facilitate restructuring of liabilities. Last month, the HC granted the cryptocurrency exchange a four-month moratorium. 

The post [Update] WazirX Video Deleted? Sources Say URL Changed, Video Not Taken Down appeared first on Inc42 Media.

Cryptocurrency exchange CoinSwitch has launched crypto futures trading on its PRO platform, which will offer a versatile trading experience for selected users, allowing them to maximise their trading potential with leverage of up to 25X.

With this new feature, users can trade in over 350 contracts, including BTC, ETH, SOL, MATIC, and XRP. 

CoinSwitch Futures will enable users to take long (buy) or short (sell) positions on perpetual futures contracts and will also allow them to hedge their spot holdings. The platform aims to stand out with its competitive commission rates, offering users some of the lowest fees in the market. Additionally, new users will benefit from a 100% commission rebate for the first 15 days.

“By offering leveraged futures contracts, we aim to cater to the needs of sophisticated traders seeking to capitalise on price movements in the dynamic crypto market,” said Balaji Srihari, business head, CoinSwitch.

Users can access futures trading on mobile and desktop by signing up or logging into their existing CoinSwitch PRO accounts.

Founded in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari, CoinSwitch is a crypto trading platform that aims to simplify and enhance the trading experience for over 2 crore Indians through its app and CoinSwitch PRO.

Last month, the company introduced specialised crypto investment services for High Net-Worth Individuals (HNIs) and institutional investors, aiming to provide secure and customised solutions. In September 2021, CoinSwitch entered the unicorn club with a $1.9 Bn valuation.

The development comes months after CoinSwitch announced plans to take legal action against WazirX to recover 2% of its trapped funds. In a blog post on August 28, CoinSwitch stated it held INR 12.4 Cr and INR 28.7 Cr in ERC20 tokens, and INR 39.9 Cr in other tokens on WazirX.

Meanwhile, in April the founders of the crypto currency platform launched stock investment platform Lemonn under the umbrella brand PeepalCo. Lemonn is the second independent company under PeepalCo after CoinSwitch. 

At the time, Inc42 also reported that CoinSwitch founders were aiming to launch an investment platform in the next quarter. 

The post In Trading Push, CoinSwitch Unveils Crypto Futures With Over 350 Contracts appeared first on Inc42 Media.

Digital content and ecommerce marketplace Rediff.com has appointed Infibeam Avenues founder Vishal Mehta as its new chairman and managing director. 

In his new role, Mehta will drive growth in consumer-facing digital payments and financial services at Rediff.

The company’s board of directors made the decision on Tuesday (October 2). Mehta will be succeeding Ajit Balakrishnan, who has led the company since inception in 1996.

This leadership transition comes after Infibeam Avenues Ltd acquired a majority stake in Rediff.com. Mehta will continue in his role as chairman and managing director of Infibeam Avenues alongside his new responsibilities at Rediff.com.

Balakrishnan said, “I am confident that the best is yet to come and under Vishal’s leadership Rediff.com will undoubtedly drive into new realms of growth and innovation.”

Mehta and a cohort of Amazon colleagues cofounded Infibeam in 2007. Its flagship brand, CCAvenue, processes over $86 Bn in transactions annually, serving millions of merchants globally.

Mehta said, “I’m honoured to lead Rediff.com, a company that aligns seamlessly with Infibeam Avenues’ culture and operational strengths. Integrating Rediff into the Infibeam ecosystem marks an important milestone in our growth strategy. Together, we will harness our synergies to deliver innovative solutions and greater value to our customers.”

Founded in 1996 by Balakrishnan, Rediff.com is a Mumbai-based internet company that provides news and information, enterprise email services and an online digital marketplace. It is one of the oldest information companies in India.

In August, payments infrastructure company Infibeam Avenues signed an agreement to acquire a 54.1% stake in Rediff.com for INR 25 Cr.

Founded in 2007, Infibeam is a listed company that offers comprehensive digital payment solutions and enterprise software platforms to businesses and governments across industry verticals.

Infibeam plans to integrate its digital payment services, platform offerings, and AI solutions with Rediff.com’s services, aiming to boost user engagement and unlock new revenue streams. By tapping into Rediff.com’s 55 Mn monthly visitors, Infibeam will cross-sell financial products like loans, insurance, and investments using AI. 

The fintech company will leverage RediffMONEY to drive product adoption and enhance customer lifetime value.

The post Rediff Ropes In Infibeam Founder Vishal Mehta As Chairman & MD appeared first on Inc42 Media.

When Hrishav Bhattacharjee, a dedicated gamer and esports enthusiast, started a platform to host esports competitions, WarMania, in 2018, little did he know that he would one day have a D2C clothing brand that would operate at the intersection of his passion for gaming and the country’s increasing demand for streetwear. 

Nearly six years later, Bhattacharjee now owns and runs Rizzzed, a gaming-inspired streetwear D2C brand that offers a unique blend of graphics and designs reflecting the intensity and artistry of the gaming universe. 

However, per the founder, this is just one of the many facets of the brand (Rizzzed) that takes inspiration from The Souled Store, a brand that germinated from its founders’ passion for pop culture.

Another interesting part of Bhattacharjee’s journey has been his connection with the founders of The Souled Store, who have supported the founder’s journey from behind the scenes.

The founder is in the process of signing term sheets with gaming publishers for 2 years. Once this is done, you may see Rizzzed’s founder making an appearance on Shark Tank India.

Now before we dive deeper into exploring the contours of the brand, here’s a look at Bhattacharjee journey to incorporating Rizzzed.     

A Journey From WarMania To Rizzzed

Bhattacharjee’s quest began in 2018, when the Indian gaming sector got an overhaul with games like PUBG. Back then, the founder was 17 years old. Given his extreme knack for gaming, it was only natural for him to explore avenues aligned to his interests. Therefore, he joined GodLike, one of India’s top esports organisations, where he sharpened his skills and gained competitive experience. 

However, after facing challenges with sponsorships and payments, he recognised a gap in the market for organised gaming tournaments in India, which led him to start WarMania.

“WarMania quickly emerged as a significant player in the Indian gaming landscape. Within just three months of launching the platform, we organised India’s first international third-party tournament, showcasing teams from 11 countries. This helped us garner substantial viewership, attracting around 80,000 subscribers,” Bhattacharjee said.

However, something was still missing and the founder was not satisfied. Even though Bhattacharjee generated significant revenues with WarMania, he decided to put the project on hold.

“Maybe, subconsciously, I wanted to create something that focussed on selling products rather than providing services,” the founder said.

And, as luck would have it, Bhattacharjee, who has a thing for T-shirts printed with gaming jargon or characters, made a small discovery.  

“At gaming events, people would appreciate the collection of my T-shirts. It was then I realised that there was much demand for gaming-inspired garments but people do not know where to buy quality stuff from,” the founder said.

The very thought hit him, and that’s when he reached out to The Souled Store cofounders, Vedang Patel and Harsh Lal. Notably, Bhattacharjee has known them since his days of events.  

The curious Bhattacharjee got validation when the already-established cofounders of The Souled Store concurred with his vision. “At the time, everyone was either doing Anime, Marvel or DC, and gaming was a new realm waiting to be broken into. And I could feel it in my bones,” the founder said.

So, with little knowledge of the textile industry, the founder made a leap of faith and spent most of 2022 doing extensive market research. In 2023, Bhattacharjee hired a few ex-senior designers of The Souled Store and launched Rizzzed with 11 designs in February 2024.

The brand sells through its website and via pop-up stalls in Mumbai, Pune, and Delhi. It has plans to be available on Amazon soon.

Each piece in Rizzzed’s collection showcases iconic gaming elements, from retro pixel art to modern esports aesthetics. The designs capture the essence of various gaming genres, characters, and cultures while maintaining the cool, understated vibe of streetwear. Some of its top designs are inspired by games like GTA San Andreas, Call of Duty, Cyberpunk 2077, God of War, Red Dead Redemption, The Witcher, and Mortal Kombat.

Besides offering T-shirts, the brand actively participates in gaming events, sponsorships, and collaborations. So far, the brand has collaborated with 20 influencers and aims to reach 100 by the end of FY25.

Rizzzed’s Early-Stage Hiccoughs 

While launching Rizzzed, the founder envisioned that his idea would resonate well with a larger audience and not just gamers alone. However, this assumption was quickly proven wrong within the first month itself.

“In the first month, the brand managed to garner sales of INR 2.5 Lakh. However, contrary to my vision of serving a broader target audience, all customers were from the gaming community,” the founder said.

After this, the founder connected with an ad agency, which promised him sales of INR 10-12 Lakhs and a return on ad spend (ROAS) of 4X to 5X.

However, in the first month with the agency (March), the startup yielded a ROAS of a mere 0.4, followed by 0.68 in the second month (April) and 0.8 in the third (May). By this time, the founder had already paid INR 5 Lakh to the ad agency. 

The agency suggested that the designs may not be resonating with the audience, triggering Bhattacharjee to question the market for his brand. 

Unwilling to give up, the founder changed his strategy and decided to try his hands offline. This strategy proved crucial for the brand as Bhattacharjee was now on the ground and could get feedback in real time to further tweak his product line or add new ones. Around this time, he also learned about a flea market in Pune where they could set up a pop-up stall. 

“In just two days, the brand achieved sales of INR 1.5 Lakh. The interesting part was that 90% of the buyers were non-gamers, proving that there was indeed a market. Now, it was just a matter of how we promoted the brand,” the founder said.

By mid-June, he completely paused all advertising and began to learn about Meta ads. During this month, the brand did zero sales. However, in July, courtesy the founder’s learning, the brand achieved a ROAS of 5X, raking in INR 7.5 Lakh in sales. Per the founder, the brand has seen continued growth since then.

After solving the revenue paradox, the next challenge was to identify which products resonated well with his target audience. For this, he launched 11 products initially, featuring a mix of four aggressive designs, two funny ones, one merchandise item, and three quirky pieces. 

“One of the best-sellers was a funny design that became so popular its cheaper knock-off was selling at Delhi’s Chor Bazaar, revealing that humour resonated well with customers. Another major hit for us was an aggressive ghost design, showing that bold, assertive themes had strong appeal, although not everyone connected with the aggressive style,” Bhattacharjee said.

To broaden its reach, the brand then introduced a GTA-inspired design, blending both aggressive and non-aggressive elements, to attract a wider audience. Additionally, the founder observed that female gamers preferred oversized and regular T-shirts over crop tops, leading the brand to focus more on those styles.

Building on these learnings, the brand expanded its offerings to 22. Currently, its two best-sellers are the ghost design and a Witcher-inspired design from the series, with the ghost accounting for 23% of its sales, merchandise at 21%, and the Witcher design at 16%. 

Many of its designs use puffed vinyl printing, known for its anti-wrinkle properties and natural water absorption, making them ideal for any season. All designs are screen-printed, ensuring durability for up to 100 washes.

Road Ahead For Rizzzed 

Rizzzed currently offers products at an accessible price point starting from INR 750, compared to other brands like Rush by Kira, which charge anywhere between INR 1,200 and INR 5,000 apiece. He added that many brands today still source designs from Pinterest, whereas Rizzzed focusses on in-house ideation, design and manufacturing with superior quality. 

Recognising that not everyone resonates with gaming themes, the brand also integrates relatable quotes into each design to create a connection with a wider audience. For instance, one of the designs features the quote, “Gamers don’t die, they respawn,” prompting curiosity among non-gamers about the gaming culture. 

“By incorporating catchy phrases that resonate beyond gaming, we aim to make our products accessible to both gamers and non-gamers alike,” the founder shared.

To engage non-gamers, the brand is actively collaborating with influencers. It aims to connect with nearly 100 influencers by the end of this fiscal.

Further the brand provides 240 GSM fabric at INR 770, while others, offer lower-quality fabric (180 to 220 GSM) at higher price points, the founder added.

In addition, the founder highlighted, brands like Redwolf currently lack gaming-themed products. The founder plans to incorporate popular characters like Spiderman in its upcoming launches, distinguishing Rizzzed’s offerings from competitors. It will also be launching designs inspired by mainstream games such as Ludo, Candy crush, and Road Rash.

Bhattacharjee has also set his eyes on a winter collection for this season. The collection will be made from 100% recycled fabric. The brand is also in the process of launching a streetwear kurta. Besides, it aims to introduce gaming-inspired innerwear by January 2025. 

The founder’s long term vision is to open a unique experiential store in Pune, spanning 1,200 square feet, which will include a 100-square-foot clothing section and a gaming zone. This concept will allow customers to wear T-shirts and engage in gaming, enhancing the overall shopping experience.

With a current monthly recurring revenue (MRR) of INR 6 Lakh and a projection of INR 1-1.5 Cr for FY25, the founder is optimistic about meeting this target.

The startup is also in discussions with several venture capitalists, including Fireside Ventures and Brand Capital, to secure funding. The founders aim for a post-money valuation of INR 18 Cr to support their growth plans. So far, Rizzzed has received an investment of INR 20 Lakh from investor Virasat Swami.

Going forward, the main challenge the founder sees for the brand is the rapid shift in fast fashion. With new brands emerging every day, it could become difficult for Rizzzed to maintain its market position and remain a go-to streetwear brand for both gaming and non-gaming GenZ or millennials.

[Edited By Shishir Parasher]

The post How Rizzzed Is Turning Gamers’ Style Into Mainstream Streetwear Fashion appeared first on Inc42 Media.

Shares of insurtech major Policybazaar’s parent PB Fintech jumped over 5% to INR 1,701.25 apiece on the BSE during intraday trading today (October 1) after brokerage firm Jefferies reaffirmed its ‘buy’ call on PB Fintech. 

Jefferies has set a price target of INR 1,800, which implies an upside potential of over 11% from the stock’s previous close.

In a recent research note, analysts at Jefferies said that PB Fintech management’s clarification that the company is planning a one-time investment into a new healthcare venture addresses core concerns around its balance sheet remaining asset light.

According to Jefferies, PB Fintech will likely have limited liability in this investment, with the new healthcare venture expected to generate its own revenue sources.

This comes on the heels of reports that PB Fintech is considering making a foray into the healthcare space.

During a recent interaction with CNBC-TV18, chairman and Group CEO Yashish Dahiya said that the company is likely to make a one-time investment of $100 Mn to acquire a 25%-30% stake in a new healthcare company after getting approval from its board.

Last week, brokerage firm Bernstein maintained its ‘outperform’ rating on PB Fintech with a price target of INR 1,750 per share. 

PB Fintech reported its third consecutive profitable quarter in the April-June period. The company posted a consolidated net profit of INR 59.98 Cr in Q1 FY25, compared to a loss of INR 11.9 Cr in the same quarter last year. This turnaround was primarily driven by strong growth across its business segments.

PB Fintech, is an Indian fintech company that provides insurance and lending services through its brands PolicyBazaar and PaisaBazaar. Founded in 2008, the company went public with its IPO on November 15, 2021.

It is pertinent to note that a lot is happening at the company. Earlier this month, it allotted 75,760 equity shares to eligible employees under its employee stock option plan (ESOP).  

Last month, Chinese tech giant Tencent sold 97 Lakh shares of PB Fintech via multiple open market transactions for a cumulative sum of INR 1,668.1 Cr.

The post PB Fintech Shares Rally Over 5% As Jefferies Reaffirms ‘Buy’ Rating appeared first on Inc42 Media.

Fintech major PhonePe has partnered with financial fitness platform Jar to roll out a new ‘Daily Savings’ feature on its platform for purchase of digital gold.

According to PhonePe’s statement, the product will allow users to save money in 24K digital gold through small, daily contributions. Users can start saving amount from INR 10 up to maximum of INR 5,000 each day in digital gold.

The product will streamline the digital gold investment process in under 45 seconds, powered by Jar’s integrated Gold Tech solution. Initially, this technology will be available to partner businesses, allowing them to offer digital gold savings. 

Further, the product will ensure easy fund transfers and payments. 

“Automated daily contribution makes it easy to save consistently without manual intervention. Users have the option to pause or cancel their Daily Savings anytime or redeem the gold for cash whenever they want,” the statement added.

Niharika Saigal, head of InApp Categories, Consumer Payments, said, “We have seen a significant surge in adoption of Digital Gold on our platform in recent years. We are thrilled to introduce Daily Savings, a product designed to facilitate bite sized everyday savings through 24K Digital Gold. By starting small and saving consistently, individuals can progressively work towards achieving their financial goals.”

Nishchay AG, founder and CEO, Jar said, “By offering our Gold Tech platform to PhonePe, we are enabling brands to seamlessly integrate gold savings into their services.”

PhonePe claims to offer 99.99% purity-certified 24K Digital Gold sourced from trusted partners. With over 1.2 Cr customers across more than 19,000 postal codes in India, users can purchase gold at transparent prices, it said.

PhonePe is one of the leading payments players in the UPI segment. In July this year, it held a 48.3% market share in the UPI ecosystem, registering 6.98 Bn transactions worth INR 10.28 Lakh Cr.

On the financial front, the startup reported achieving profitability before accounting for ESOP costs for the fiscal year ending March 31, 2024. It announced an adjusted profit after tax (PAT) of INR 197 Cr for FY24, a significant improvement from an adjusted loss after tax of INR 738 Cr in the previous fiscal year.

It is pertinent to note that PhonePe posted a net loss of INR 2,795.3 Cr in FY23.

In a statement, the Walmart-owned company said that its revenue grew 74% to INR 5,064 Cr in FY24 from INR 2,914 Cr in FY23.

The post PhonePe Partners Jar To Roll Out Daily Savings In Digital Gold appeared first on Inc42 Media.

The Mumbai Police’s Economic Offences Wing (EOW) has issued fresh summons to Ashish Hemrajani, CEO of Big Tree Entertainment (the parent entity of BookMyShow), and the company’s technical head to appear for questioning today (September 30) in connection with the ongoing probe into the alleged black marketing of Coldplay’s concert tickets.

This is the second summons, as neither Hemrajani nor the technical head appeared before the agency after they were issued the first notice on September 27.

Citing Mumbai Police, ANI reported, “Mumbai Police’s EOW sent a summons to CEO Ashish Hemrajani of Big Tree Entertainment Private Limited, the parent company of BookMyShow and the company’s technical head, yesterday. EOW had sent them summons earlier on September 27 but they didn’t appear before the agency.”

The report added, “They have been asked to appear before the investigating officer today and record their statements.”

The summons was issued following a complaint by Advocate Amit Vyas, who accused the company of enabling the black market sale of tickets for the highly anticipated Coldplay concert.

He has accused BookMyShow of deceiving the public and Coldplay fans, calling for an FIR to be filed against the company on charges of fraud. 

The investigation is ongoing, with more individuals likely to be summoned as part of the case.

At the time, the ticketing platform issued an official statement clarifying that it has no ties with any ticket selling or reselling platforms, including Viagogo and Gigsberg, or with third-party individuals involved in the resale of tickets for Coldplay’s Music Of The Spheres World Tour 2025 in India. 

The upcoming Coldplay concert, part of their Music of the Spheres World Tour 2025, is one of the most eagerly awaited events in India. Scheduled at Mumbai’s DY Patil Stadium from January 19 to 21, 2025, it has generated immense excitement. When tickets went on sale, over 13 Mn fans logged into BookMyShow causing it to crash, with tickets selling out within minutes. 

This comes at a time when BookMyShow is bullish on exclusive international events owing to high demand. Earlier this month, Inc42 reported that the company bought exclusive rights to host ‘Sunburn Festival’ for hundreds of crores a few years ago, and this has mostly been a profitable investment. 

The post Coldplay Concert Row: BookMyShow CEO Skips First Summons, Second Notice Issued appeared first on Inc42 Media.

Continuing its acquisition spree, Google-backed Adda247 has now bought placement preparation platform PrepInsta, marking its foray as an integrated provider of job-focused education and skilling programmes across private and public sector jobs.

However, the financial transactions of the deal were not disclosed.

“This collaboration opens up opportunities for us to launch job-focused skilling initiatives across B2C, helping professionals build tech and digital careers and enterprises, helping  organisations build high-quality talent,” said Bimaljeet Singh Bhasin, CEO of skilling and higher education business at Adda247.

Founded in 2019, PrepInsta is a platform for engineering students, offering preparation for assessments and interviews in roles like data scientist, full stack developer, and software engineer. With a focus on emerging areas such as Gen AI, AI/ML, Cloud, and Data, PrepInsta claims to support job aspirants in the technology sector. 

With this buyout, Adda247 has acquired four companies so far.  The others being, StudyIQ, a UPSC preparation platform acquired in 2021; Veeksha, an AR/VR learning modules platform acquired in 2023; and Ekagrata Eduserv, a chartered accountancy (CA) test preparation firm acquired in July of this year.

According to Bhasin, the company has identified key sectors for its skilling initiatives including banking, financial services, insurance, and technology.

“Tech is the largest employer purely in terms of numbers and given our aspiration to be a significant player in job-related programmes and offerings technology as a sector makes a lot of sense for us to focus on,” he added.

“Adda247’s user base also has many engineering students & freshers which will help us provide tech and digital skilling programs to Adda247’s more than 1.2mn paid users,” said Atulya Kaushik, cofounder, PrepInsta.

Founded in 2016 by Nagar and Saurabh Bansal, Adda247 is an edtech startup that offers preparation for government job entrance exams. It offers online coaching to students residing in Tier-2 cities and beyond. It claims to have over 40 Mn monthly users and has 2 Mn students enrolled in its premium courses. Adda247 offers courses in 12 regional languages. 

It counts the likes of Westbridge, Google, Info Edge, and Asha Impact among its investors. 

Adda247 recorded 88% year-on-year growth in revenue to INR 243.39 Cr in the financial year 2023-24 (FY24) from INR 129.65 Cr in the previous fiscal year. Additionally, it narrowed down its net loss by 66% to INR 101 Cr, down from INR 296 Cr in FY23. 

Adda247 last secured $35 Mn in 2022 in a funding round led by WestBridge Capital, with participation from Google and existing investors such as Info Edge Ventures and Asha Impact. To date, the edtech startup has raised a total of $63 Mn.

The post Adda247 Marks Fourth Acquisition With Placement Preparation Platform PrepInsta appeared first on Inc42 Media.

The Economic Offences Wing (EOW) of Mumbai Police has summoned BookMyShow’s parent entity Big Tree Entertainment’s chief executive officer (CEO) Ashish Hemrajani and the company’s technical head in connection with the alleged black marketing of tickets for the upcoming Coldplay concert in Mumbai.

Both the executives have been asked to appear before the investigating officer today (September 28) to record their statements, as per an ANI report.

The summons was issued following a complaint by Advocate Amit Vyas, who accused the company of enabling the black market sale of tickets for the highly anticipated Coldplay concert.

He has accused BookMyShow of deceiving the public and Coldplay fans, calling for an FIR to be filed against the company on charges of fraud. 

The EOW has already taken Vyas’ statement and identified several brokers allegedly involved in the ticket scalping. The investigation is ongoing, with more individuals likely to be summoned as part of the case.

The ticketing platform has issued an official statement clarifying that it has no ties with any ticket selling or reselling platforms, including Viagogo and Gigsberg, or with third-party individuals involved in the resale of tickets for Coldplay’s Music Of The Spheres World Tour 2025 in India. “Scalping is strictly condemned and punishable by law in India. We have filed a complaint with the police authorities and will provide complete support to them in the investigation of this matter.”

“We urge you not to fall victim to these scams. Any tickets bought from unauthorised sources will be at the risk of the consumer, and can turn out to be fake tickets. Beware of such scammers,” it added.

A few days back BookMyShow also filed a police complaint regarding the resale of tickets for its exclusive event, ‘Coldplay: Music Of The Spheres World Tour’.

For context, tickets for the concert went live on BookMyShow on Sunday, September 22, at 1:30 PM and were sold out within minutes. The overwhelming demand caused the platform to crash, sparking a public outcry on social media. Ticket prices initially started at INR 12,500, but they are now being resold for as much as INR 4 Lakh on various platforms. 

Shortly after the sale began, BookMyShow issued a statement clarifying that the concert tickets were being listed on these reselling platforms both before and after they officially went live.

A BookMyShow spokesperson told Inc42 that the company took various measures to ensure a smooth ticketing process for fans during the Coldplay concert sale. 

“We implemented a queueing system to manage the overwhelming demand and addressed issues caused by suspicious and malicious traffic within minutes, causing a brief delay, but ensuring minimal disruption for genuine fans. Due to the unprecedented demand, a third Mumbai show was added shortly thereafter, which also received a fantastic response,” the spokesperson added.

The upcoming Coldplay concert, part of their Music of the Spheres World Tour 2025, is one of the most eagerly awaited events in India. Scheduled at Mumbai’s DY Patil Stadium from January 19 to 21, 2025, it has generated immense excitement. When tickets went on sale, over 13 Mn fans logged into BookMyShow causing it to crash, with tickets selling out within minutes. 

This comes at a time when BookMyShow is bullish on exclusive international events owing to high demand. Earlier this month, Inc42 reported that the company bought exclusive rights to host ‘Sunburn Festival’ for hundreds of crores a few years ago, and this has mostly been a profitable investment. 

The post Coldplay Row: Mumbai Police Summons BookMyShow CEO Over Alleged Black Marketing Of Tickets appeared first on Inc42 Media.

With the Securities and Exchange Board of India (SEBI) tapping artificial intelligence (AI) for faster processing of initial public offering (IPO) documents, the capital markets regulator chairperson Madhabi Puri Buch has reiterated the increasing use of AI within the regulatory body to enhance operational efficiency and expedite processes.

During the Annual Board Meeting of the Association of Mutual Funds in India (AMFI), Buch said, “At SEBI, we today have around a dozen projects on AI. Half of them are to facilitate faster approvals and faster provisions.” 

“We are now focusing on IPOs to ensure that no IPO document exceeds three months from the date of the initial application. All of this is the magic of technology,” she stated as reported by Moneycontrol.

She said that if the current efforts continue, there would be no stopping the country’s wealth creation.

Through its ongoing AI projects, SEBI aims to significantly shorten approval times, thereby fostering a more dynamic and responsive regulatory environment.

Last month, at the FICCI 21st Annual Capital Markets Conference, Buch said, “We have already implemented artificial intelligence within SEBI for processing public documents.” 

She added, “For instance, let’s say a REIT annual report or an InvIT annual report; earlier, a human being used to read and check whether the annual report was in compliance with our norms. Now, AI performs that task. The SEBI officer validates it and also conducts some manual checks, but 80% of the work is done through AI.”

She added that AI-based processing of IPO documents will naturally fast-track the process.

Meanwhile, the SEBI chief has also urged companies to proactively start adopting innovation and technology.

“If you have to be proactive and know what’s happening in your setup before we get to know… If you don’t have the technology, you will be surprised by what we dig up,” she said, pointing at the compliances required during the IPO processes.

SEBI is also introducing an innovative initiative by establishing a new institution called the Performance Validation Agency, aimed at validating claims related to investment advice. This move to reduce the time required for processing IPO documents coincides with an increasing number of new-age tech companies gearing up to go public. 

This year, over 10 startups are expected to launch their IPOs, including well-known names like Ola Electric, FirstCry, and Swiggy, while companies like ixigo and Awfis have already been listed.

The post SEBI Working On Multiple AI Projects To Boost Efficiency: Madhabi Puri Buch appeared first on Inc42 Media.

Online learning platform Seekho is reportedly looking to raise $8-10 Mn in a Series A round that would be co-led by Lightspeed and Elevation Capital.

According to an Entrackr report, this marks the second consecutive round of funding for the Bengaluru-based company in less than 18 months. The company previously raised $3 Mn from Elevation and other investors in March last year.

“The deal terms are finalised, and if all goes smoothly, the transaction will be executed soon,” the report read, citing a source. It also said that Seekho is set to be valued at $45 Mn as two investors aim to acquire 20% of the company.

Launched in 2020 by Rohit Choudhary, Keertay Agarwal, and Yash Banwani, Seekho aims to help individuals acquire new skills and knowledge. The platform provides a range of courses designed to prepare learners for careers in various fields, including parenting, the share market, Instagram, and education.

It is available on iOS and Android, and serves the B2C space in the edtech market, helping users advance their careers through practical education. The startup competes with Unacademy, Coursera, edX, BJYU’S and Udemy.

The post Seekho In Talks To Raise $10 Mn In Series A Round Co-Led By Lightspeed, Elevation Capital appeared first on Inc42 Media.

Climate financing platform Two Point O Capital has secured $6.3 Mn (INR 52.7 Cr) in a seed funding round led by Omnivore. Multiply Ventures, RTP Global, GrowX, Spectrum Impact, and a group of prominent angel investors also participated in the round.

The funding will enable Two Point O to enhance its tech-enabled platform for sourcing, underwriting, financing, and monitoring distributed projects in clean energy sectors, including solar rooftops, energy efficiency equipment, and wastewater treatment.

Besides, the company aims to work with various operating and financial partners to build a high-quality portfolio and manage it through its lifecycle on this platform. 

Two Point O Capital is a climate financing platform for MSMEs and rural enterprises focussed on distributed clean energy projects in the commercial and industrial segments. The startup offers financing solutions, such as leasing, capex financing, and other options, to projects in energy transition sectors, primarily in solar rooftops, energy efficiency, and wastewater treatment.

Founded in 2024 by Archit Mehrotra, Karan Bhutani, and Manya Ranjan, with Shashidhar Reddy joining recently, the founding team boasts over 70 years of combined experience from leading firms such as KKR, McKinsey, Shell, BP, Honeywell, ReNew, Sterlite Power, and GIC. 

The company claims to address a significant gap in debt financing within the distributed clean energy sector by catalysing investments through innovative financial solutions.

“By unlocking capital for distributed energy assets in rural India, the startup empowers businesses nationwide to embrace sustainability. The founding team brings incredible experience from the relevant sectors, and we are excited to partner with them,” Abhilash Sethi, investment director of Omnivore, said. 

Raveen Sastry of Multiply, said, “We are excited to support this talented team as they work to solve one of India’s biggest challenges—bridging the $10 Bn annual gap in financing for clean energy projects.”

With this funding, the company also plans to hire additional staff to strengthen its team.

In a joint statement, the founders of Two Point O said that the investment will help them attract top talent across various functions to build a best-in-class team. 

According to Inc42 data until November 2023, funding for Indian climate tech startups has reached $4 Bn since 2014, slightly surpassing the $2.7 Bn raised by 2016. 

Per the report, the interest in the climate tech space has started getting more diverse with more experiments now increasing across these sub-sectors, including such as green hydrogen, agrifood and life sciences encompassing sustainable agriculture and food production, circular economy involving recycling, sustainable aviation fuel, low-carbon cement, water conservation, among others.

The post Climate Financing Platform Two Point O Capital Raises $6.3 Mn To Aid Clean Energy Projects Facing Capital Dearth appeared first on Inc42 Media.

Fintech unicorn InCred Financial Services has partnered with Ola Financial Services to offer personal loan services directly through the Ola app. 

The partnership allows Ola users to apply for personal loans of up to INR 10 Lakh directly through the Ola app.

Per the company, the partnership is aimed at enhancing the financial accessibility for millions of users across the country.

In a statement, Prithvi Chandrasekhar, CEO of consumer finance at InCred Finance, said, “Our goal is to transform and democratise access to credit, and teaming up with Ola is a major milestone in this mission. By embedding cutting-edge technology, this partnership creates a streamlined, hassle-free loan experience, making it easier for Ola users to access the credit they need.”

Founded in 2016 by Bhupinder Singh, InCred operates in the BFSI sector through three distinct entities — the lending vertical InCred Finance, the wealth and asset management vertical InCred Capital, and the retail bonds and alternative investments platform InCred Money.

The unicorn categorises its operating income into various segments, including interest income, dividend income, fees and commission income, and net gains from the derecognition of financial instruments under the amortised cost category.

InCred turned unicorn in 2023 after raising $60 Mn (INR 500 Cr) in its Series D funding round led by Manipal Education and Medical Group’s Ranjan Pai. 

The startup counts KKR, ADIA, TRS, OAKS, Investcorp, Moore Capital, Elevar Equity, Ranjan Pai, and Gaurav Dalmia as its investors.

InCred posted a nearly 162% YoY increase in its FY24 consolidated net profit to INR 316.3 Cr. Growing almost 47% YoY, InCred reported an operating revenue of INR 1,270 Cr in FY24 as against INR 864.6 Cr in FY23.

Meanwhile, the NBFC has reportedly appointed the CFO of Standard Chartered Bank, Gaurav Maheshwari, as its new finance head.

The post InCred Financial Services Partners With Ola To Offer Personal Loans appeared first on Inc42 Media.