Actor Ranveer Singh-backed sexual wellness startup Bold Care has forayed into the women’s health and wellness space with the roll out of a new brand Bloom.

As per the company, Bloom will offer solutions focused on  women’s health issues across various life stages. The brand’s product range includes solutions for sexual health, hygiene and period care.

“I and the founding team strongly believe in the RCM (research backed, clinically tested, maximum efficacy) methodology to provide end-to-end wellness solutions for root cause concerns women face and are excited to innovate for all phases of women’s wellness,” said Singh, who was named as Bold Care’s cofounder last year.

Founded in 2020 by Jadhav, Rahul Krishnan, Harsh Singh and Mohit Yadav, Bold Care is a D2C men’s health and wellness startup whose product portfolio includes condoms, lubes, chewables and gummies. It also sells supplements to boost hair growth, immunity, sleep, among others. 

Singh’s involvement in startups extends beyond Bold Care. 

In February, he invested in boAt, an audio products and smartwatch maker. Prior to that, he backed SUGAR Cosmetics in 2022. 

The wellness sector has attracted other celebrities too, with PV Sindhu backing Hoop, a D2C consumer health startup, in July, and Samantha Ruth Prabhu investing in Secret Alchemist, an aromatherapy-based wellness brand, this month.

The launch of Bloom comes at a time when the Indian smart wearables market, which includes health and wellness devices, is experiencing significant growth. 

According to Allied Market Research, this market is expected to register a CAGR of 23.91% over the forecast period (2022 – 2027).

The post Ranveer Singh-Backed Bold Care Ventures Into Women’s Wellness appeared first on Inc42 Media.

Hinduja Group’s flagship vehicle manufacturer Ashok Leyland has started delivery of its AVTR 55 tonne electric, BOSS 19 tonne electric and BOSS 14 tonne electric trucks to Billion Electric Mobility.

The commercial vehicle major had bagged a contract to supply 180 electric trucks worth around INR 150 Cr to Group BillionE. These vehicles will be operated on the Chennai-Bengaluru and Chennai-Vijayawada routes.

The vehicles are designed to provide advanced performance, safety, and efficiency. The battery packs, positioned at the frame level ensuring compatibility with commonly used trailers and superstructures, come with IP67 protection to safeguard against water and dust ingress.

The vehicles are equipped with advanced driver assist systems (ADAS) for enhanced safety. The vehicles also feature simultaneous dual-gun charging for faster recharging and are equipped with the widely used common charging standard 2 (CCS2).

The AVTR 55 tonne is a heavy-duty electric tractor designed for long-haul transportation, while the BOSS 19 tonne and BOSS 14 tonne are intermediate commercial vehicles (ICVs) for medium and lighter duty applications, respectively, Ashok Leyland said in a statement.

“Ashok Leyland is proud of its partnership with BillionE Group as we commence deliveries of our AVTR 55 tonne Electric and BOSS ICV Electric trucks. We have packed the most advanced and premium features making these products more superior in performance,” said Shenu Agarwal, MD and CEO of Ashok Leyland.

In June 2023, Billion Electric raised $10 Mn in a seed round to address challenges in the Indian commercial mobility sector. The company aims to offer comprehensive services, including electric vehicles and charging infrastructure in collaboration with CHARGE+ZONE.

Ashok Leyland is engaged in manufacture and sale of a wide range of commercial vehicles. The company also manufactures engines for industrial and marine applications, forgings and castings.

The company reported 6.39% fall in consolidated net profit to INR 509.15 Cr in Q1 FY25 as compared with INR 543.89 Cr in Q1 FY24. Revenue from operations rose 10.66% year on year (YoY) to INR 10,724.49 Cr in the quarter ended June 2024.

The post Ashok Leyland Kicks Off Delivery Of Etrucks To Billion Electric Mobility appeared first on Inc42 Media.

The Indian government has rolled out RuPay card in Maldives, an initiative to strengthen financial cooperation and enhancing convenience for tourists and residents.

This move follows discussions between Indian Prime Minister Narendra Modi and Maldivian President Mohamed Muizzu, focused on revitalising ties after a challenging period.

PM Modi received President Muizzu at Hyderabad House today (October 7), where both leaders engaged in extensive discussions to reinforce the historic partnership between the two nations. 

“Taking forward India-Maldives special ties!” Modi shared on X (formerly Twitter), emphasising the significance of the meeting.

During the visit, Maldives President Muizzu said, “PM Modi and I held extensive discussions, taking stock of our successful development journey together and charting a path for future collaboration. We agreed on a comprehensive vision document, a vision for comprehensive economic and maritime security partnership.”

The introduction of the RuPay card aims to simplify transactions for both tourists and residents in the Maldives, promoting ease of business and boosting economic cooperation. The initiative aligns with India’s broader strategy to enhance its regional economic footprint and support the Maldives’ financial infrastructure.

RuPay, developed by the National Payments Corporation of India (NPCI), is now accepted in 185 countries and territories. 

Meanwhile, the Indian government is pitching the Unified Payments Interface (UPI) to the world. In July, PM Modi said that India plans to integrate UPI with Malaysia’s national payments network PayNet. In the same month, NPCI rolled out the ‘UPI One World’ wallet for all foreign tourists in partnership with IDFC First Bank and Transcorp International Limited.

Not to mention, countries in the likes of Sri Lanka, Mauritius, Bhutan, Nepal, the UAE and Canada have already deployed India’s UPI payment model to some extent.

Apart from UPI, Additionally, the NPCI has also launched several new features to fuel the adoption of digital payments such as UPI Lite, which supports low-value transactions; UPI Lite X, which supports offline transactions; and Hello! UPI, which lets users make payments with their voice.

The post India Unveils RuPay Card In Maldives Amid Push To Strengthen Bilateral Ties appeared first on Inc42 Media.

Former Indian skipper MS Dhoni has topped up his investment in Chennai-based drone startup Garuda Aerospace. However, the financial terms of the deal were not disclosed.

“I am proud to be associated with the team’s journey in positively impacting agriculture, defence, industry 4.0 & consumer drone sector as their captain,” said Dhoni.

Agnishwar Jayaprakash, founder and chief executive of Garuda Aerospace, said, “Dhoni is an epitome of a rural youth success story and both agri and consumer drones resonate with our target audience. His star power has helped Garuda reach the deepest pockets of India.”

Founded in 2015, by Jayaprakash and Rithika Mohan, Garuda Aerospace specialises in the design, manufacturing, and customization of Unmanned Aerial Vehicles (UAVs) or drones. The company offers 30 different types of drones and more than 50 drone-related services.

In 2022, Dhoni commenced his association with Garuda Aerospace after 100 drones were flagged off by Prime Minister Narendra Modi in 100 locations. 

The company reported revenue of INR 100 Cr for FY2024. It has recently launched its global expansion, starting with Sri Lanka. It plans to expand into a minimum of 50 countries over the next few years, allocating approximately $10 million for international growth.

In February 2023, Garuda Aerospace raised $22 Mn in Series A funding, led by venture capital firm SphitiCap. More recently, in October 2023, the company secured an additional INR 25 Cr ($3 Mn) in a bridge funding round led by Venture Catalysts and WeFounderCircle.

This comes at a time when more and more new-age tech startup companies are experimenting with drones to streamline deliveries.

This investment comes amid growing interest in the Indian drone sector. Recent funding rounds include Skye Air Mobility raising $4 Mn in Series A funding in June 2024, and Quidich securing an undisclosed Series A round in the same month. According to the Inc42 report, the Indian drone market is projected to reach nearly INR 2.5 Tn by 2030, indicating significant growth potential for these startups.

The post MS Dhoni Tops Up Bet On Drone Startup Garuda Aerospace appeared first on Inc42 Media.

Healthtech platform Practo has bolstered its board with two new appointments as it sharpens its focus on AI-driven healthcare solutions.

The company has roped in TVG Krishnamurthy and Alexander Kuruvilla to its board of directors.

The appointments are part of Practo’s efforts to improve health outcomes, while tapping AI, and expanding its footprint. 

Krishnamurthy has previously served in both multinational corporations and domestic enterprises, while  Kuruvilla, formerly Practo’s chief healthcare strategy officer, has been instrumental in establishing and managing hospitals across India, including Narayana Hrudayalaya and Apollo Hospitals Ahmedabad.

“Having witnessed Practo’s impact on healthcare innovation and its commitment to excellence, I’m elated to join this journey. I look forward to collaborating with the board and management team to drive continued value creation and uphold the highest standards of corporate governance,” Krishnamurthy said.

“Practo has always been ahead of its time, setting new standards in the industry. The market opportunity before us is vast, and I am excited to see how we will capitalise on it to drive further growth and innovation,” Kuruvilla added.

Founded in 2008 by Abhinav Lal and Shashank ND, Practo has raised $229.5 Mn across nine funding rounds. The company serves over 40 Cr patients across 22 countries, connecting them with 2.2 lakh doctors and healthcare providers.

The company has been expanding its services beyond appointment booking to include telemedicine, practice management software, and AI-driven tools for doctors. Practo reported generating INR 3,000 Cr of value annually for its ecosystem. In its latest financial update, the company claimed adjusted EBITDA profitability in Q4 FY24 and reported a 22% revenue growth to INR 242 Cr in FY24.

The post With AI Healthcare Play On Card, Practo Makes Two Appointments To Its Board appeared first on Inc42 Media.

Furniture retailer Furnishka has secured INR 27 Cr ($3.25 Mn) as a part of its Pre-Series A funding round led by IndiaQuotient.

The round also saw participation from Sparrow Capital and a host of angel investors, including Udaan cofounder Sujeet Kumar and Livspace cofounder Ramakant Sharma.

The company plans to deploy the fresh proceeds to advance its product design and development, boost manufacturing and supply chain capabilities and expand into new locations.

So far, the Bengaluru-based startup claims to have raised INR 45 Cr ($5.42 Mn) in total funding.

Launched by Spinny cofounder Ganesh Pawar last year, Furnishka aims to address challenges in India’s home furnishing market. The company operates both online and offline stores in Bengaluru, offering over 1,000 SKUs and customizable designs.

Anand Lunia, partner at IndiaQuotient, said, “Furnishka’s expertise in logistics and customer-centric approach creates the ideal synergy to build a large-scale, omnichannel furniture retail chain. The team’s approach to supply chain management and their focus on affordable, high-quality furniture positions them well to capture this market.”

This comes at a time when the Indian furniture market is witnessing a significant growth. According to Mordor Intelligence, the Indian furniture market is estimated to reach a size of $29.86 Bn by 2029. 

In the broader furniture retail landscape, several companies have announced expansion plans. Godrej Interio plans to open 104 new stores in fiscal year 2025, projecting 20% growth. IKEA aims to electrify all deliveries in India by 2025. 

Online furniture brands, Pepperfry and Urban Ladder are also expanding their reach. Pepperfry is targeting double-digit growth in 2024-25 by expanding its product portfolio and entering Tier I and II cities while Urban Ladder had plans to double its retail store presence from 32 cities in 2024. 

The post Furnishka Bags INR 27 Cr From IndiaQuotient, Others To Disrupt Furniture Space appeared first on Inc42 Media.

Mumbai-based skincare brand ClayCo Cosmetics has raised $2 Mn (INR 16 Cr) as a part of its Series A funding round from Unilever Ventures.

The company plans to use the fresh capital to boost its branding and expand product portfolio.

Launched in 2023 by Niharika Jhunjhunwala, ClayCo Cosmetics is a premium skincare brand which claims to seamlessly blend ancient beauty rituals with modern science. 

“This funding will enable us to enhance brand awareness, introduce new products, invest in R&D, and fuel our growth. As consumers become more aware of global ingredients like fermented rice, ginseng, and Cica (Centella asiatica), they are willing to invest in high-quality, efficacious skincare,” said Jhunjhunwala.

The investment comes at a time when the Indian beauty and personal care (BPC) market is experiencing rapid growth. According to Inc42’s report, the BPC market is expected to reach $28 Bn by 2030, accounting for 7% of the overall ecommerce market. 

The sector has seen over $1 Bn in funding between 2014 and H1 2024, with investors attracted by high margins and innovative product offerings.

This year, investments in the BPC space include Pilgrim raising $9 Mn in August 2024, led by Fireside Ventures and Vertex Ventures. 

In June, Foxtale secured $18 Mn in Series B funding led by Panthera Growth Partners. Meanwhile, Conscious Chemist also raised $1.4 Mn from Atomic Capital this month.

The post Skincare Brand ClayCo Cosmetics Nets $2 Mn From Unilever Ventures appeared first on Inc42 Media.

FermionIC Design, a fabless semiconductor startup developing ICs for high-speed wireline and RF communication market, will be raising $6 Mn (INR 50 Cr) in an investment round to be led by Lucky Investment Managers’ Ashish Kacholia and his associates.

The company’s founder Gautam Kumar Singh told Inc42 that the startup has already raked in $2.5 Mn as part of the investment round. It plans to use the fresh capital to expand product portfolio in India and venture into overseas markets.

Founded in June 2020 by Gautam Kumar Singh and Prasun Kali Bhattacharyya, FermionIC Design FermionIC Design develops integrated chips for applications in defence, radio frequency communication, satellite communication and weather monitoring. 

It specialises in SERDES IP and Hybrid Beamformer IC technologies. SERDES IP helps speed up data transfer between devices, crucial for fast communication while hybrid beamformer IC enhances the ability to communicate with multiple devices simultaneously, important for technologies like 5G and radar systems.

Kacholia said, “I and my associates are delighted to partner with young founders of FermionIC who are bringing cutting edge RF or Radio Frequency chips to the Indian defence and space establishments. These analog and mixed signal chips require deep tech skills which FermionIC has developed over time.”

Singh said, “At FermionIC, we are developing cutting-edge Radio Frequency and mixed-signal silicon platform ICs that address the advanced needs of AESA Radar systems, satcom, weather monitoring/forecasting, remote sensing, Maritime-Surveillance, telecom and consumer systems.”

This investment marks FermionIC Design’s first external funding round. The company was previously bootstrapped and has been selected for the government’s Semicon India Future Design DLI scheme. In 2022, the company was selected for the Qualcomm Semiconductor Mentorship Program and received a grant prize of an undisclosed amount. 

India’s semiconductor market is expected to reach $150 Bn by 2030, according to the Inc42 report, growing at a 24% CAGR from $33 Bn in 2023. Other Indian companies in similar spaces include Saankhya Labs, Signalchip, and Terminus Circuits.

The Indian government has been actively promoting the semiconductor industry, with initiatives like the Semicon India programme allocating more than INR 76,000 Cr to provide incentive support to companies in this sector.

The post Fabless Semiconductor Startup FermionIC Design To Raise $6 Mn From Ashish Kacholia, Associates appeared first on Inc42 Media.

Mortgage distribution startup BASIC Home Loan has bagged $10.6 Mn (INR 87.5 Cr) as a part of its Series B funding round led by Bertelsmann India Investments (BII).

The round also saw participation from CE-Ventures, Gruhas, LetsVenture, 100 Unicorns and Venture Catalysts, along with existing investor and equity investor Ashish Kacholia.

The company plans to use the fresh funds to expand its market presence, build lending portfolio and boost technology capabilities.

Founded in 2020 by Atul Monga and Kalyan Josyula, Gurugram-based BASIC Home simplifies mortgage processes through a digital platform that matches borrowers with suitable lenders, streamlines applications, and facilitates quick loan disbursements.

The platform claims to have sourced loan applications totaling $12 Bn and disbursed over $1.1 Bn in loans through its network of lenders. It counts 90 banks and financial institutions, including State Bank of India, ICICI, HDFC and Axis Bank among its partnership portfolio.

The startup plans to expand into cities, including Pune, Hyderabad, Ahmedabad, Jaipur, Lucknow, Patna, Aligarh, Kolkata, Mangalore, Bhopal, Indore, Vadodara, and Surat. 

“With this fresh round of funding, our focus is on expanding our reach, advancing our tech capabilities, and introducing tailored financial products to serve the evolving demands of the consumer and the ecosystem. We will be further expanding our risk-sharing FLDG (First Loss Default Guarantee) business with lenders, which will help us cater to a wider audience and offer innovative solutions to drive real impact in India’s housing ecosystem,” Monga said.

Rohit Sood, partner at BII, said, “BASIC Home Loan is revolutionising the home loan experience, especially for the underserved, low-income borrowers from tier 2-3 cities. With its tech stack, it has created a simple, unique, and transparent solution in the industry.”

The startup claims to have achieved 10X revenue growth in the past 24 months. Monga said, “In FY22, our revenue was around INR 6 Cr,  In FY23, it was INR 30 Cr and this year we are close to INR 60 Cr.”

The latest round brings BASIC Home Loans’ total funding to $19.3 Mn. Last year, the startup raised $4.7 Mn in a Pre-Series B funding round, $3.5 Mn Series A in 2021 and $500,000 in 2020.

According to the latest Inc42 report, the Indian fintech market is projected to reach $2.1 Tn+ by 2030, growing at a CAGR of 18% from 2022 to 2030. Lendingtech emerges as the most lucrative segment, with an estimated market size of $1.3 Tn by 2030.

The post Mortgage Distribution Startup BASIC Home Loan Bags $10.6 Mn From BII, Others appeared first on Inc42 Media.

Tapping Apple’s ambition to ramp up manufacturing in India, salt-to-software conglomerate Tata Group is all set for its second iPhone assembly unit in India.

The new plant will be built in Tamil Nadu’s Hosur and is expected to go operational in November. On the hiring roadmap, Tata Sons’ chairman N Chandrasekaran said that Tata Electronics is set to hire more than 20,000 people at its new iPhone assembly plant in Hosur soon, bringing the total number of employees at the facility to 40,000.

As per Business Standard, Chandrasekaran was attending the groundbreaking ceremony of the Rs 9,000 crore manufacturing unit by Tata Motors and JLR in Panapakkam. 

“In the last three years, we have set up a modern electronics factory in Hosur, Krishnagiri. Currently, 20,000 people are employed there, and more than 15,000 of them are women. In another year, 40,000 people will be employed there, doubling the workforce in that facility,” he said.

Over the past three years, Tata Group has invested in three major manufacturing units in Tamil Nadu —Tata Power, Tata Electronics, and Tata Motors. The conglomerate currently employs over 150,000 people directly in the state across various subsidiaries.

Tata Electronics has been making enclosures for Apple at its Hosur facility. The company is rapidly expanding operations, setting up two new units and building dormitories for workers.

Chandrasekaran added that the new Tata Motors and JLR facility in Panapakkam will create 5,000 direct jobs and foster an ecosystem generating additional employment opportunities in the region. The Tamil Nadu government views this expansion as a boost to the local economy.

The development comes at a time when Apple is making an aggressive play to expand operations in India as it shifts its existing supply chain away from China. Now, 1 in 7 iPhones are manufactured in India with Apple also domestically sourcing components that go inside.

Further, Apple is said to be in advanced talks with Murugappa Group and Tata Group’s Titan to make iPhone camera modules in the country.

Additionally, the tech giant is also reportedly looking to begin manufacturing iPhone Pro and Pro Max models in India, starting with the iPhone 16 series as early as this fiscal year. 

Apart from iPhones, Apple is also considering manufacturing other flagship devices, iPads and AirPods in the country. 

And it looks like Apple’s India push is paying off, with the iPhone maker’s annual sales in India hitting nearly $8 Bn in the 12 months through March 2024.

The post Tata To Double Its Hosur iPhone Unit Workforce appeared first on Inc42 Media.

Venture capital (VC) firm Peak XV Partners (formerly Sequoia Capital India and SEA) has reportedly realised exits worth nearly $1.2 Bn in the 15 months since its separation from parent Sequoia last year.

As per a TechCrunch report, the VC major has sold stakes in “nearly a dozen” listed portfolio companies in the past year, including foodtech major Zomato, D2C unicorn Mamaearth and caller identification platform Truecaller. 

The report added that Peak XV also offloaded stakes in startups such as edtech platform K12 Techno, digital entertainment startup Pocket Aces and cybersecurity startup PingSafe via secondary transactions and mergers and acquisitions (M&As). 

The VC firm’s current fund size is said to be hovering around the $2.85 Bn mark. 

Since entering India in 2006 by acquiring the team of WestBridge Capital, the then Sequoia India rapidly emerged as a major investor in the Indian startup landscape by backing big names in the homegrown ecosystem. It has so far invested in unicorns such as CRED, Meesho, Groww, Mamaearth, and Unacademy, among others. 

However, Sequoia Capital last year split itself into three independent partnerships. The Indian and South Asian business was rebranded as Peak XV while the China business adopted the name of HongShan. 

In the first 10 weeks following the separation, Peak XV signed more than 10 term sheets, demonstrating its aggressive investment approach. As per another report, the firm also exited three companies during this period.

The VC firm is reportedly managing $9 Bn in assets, with an additional $2 Bn yet to be deployed. Its portfolio includes more than 45 startups with operating revenues exceeding $100 Mn, and another 23 startups with revenues over $200 Mn. 

The VC firm has raised 13 funds to date and made more than 400 investments across India and Southeast Asia.

Not just this, as many 15 of Peak XV’s portfolio companies, including Zomato and Mamaearth, have listed on Indian bourses since 2020.

Notably, the development comes on the same day as Peak XV’s managing director Mohit Bhatnagar, speaking at the second edition of Inc42’s MoneyX, highlighted that shifting domicile back to India is a major topic among its portfolio companies.

The post Peak XV Realises Exits Worth $1.2 Bn Since Split From Sequoia appeared first on Inc42 Media.

Drone startup Drone Destination has signed a Memorandum of Understanding (MoU) with agritech startup DeHaat to offer drone solutions for Indian farmers. 

The partnership will enable Drone Destination to offer drone spraying services while promoting DeHaat’s range of products including seeds and fertilisers across rural India. The drone tech startup told Inc42 that it will deploy its fleet of nearly 250 drones across the country for this initiative.

The agritech startup, through its network of 14,000+ centres, will generate leads for drone services and offer agricultural services directly to end-users. As part of this, the drone startup said that DeHaat’s app will be integrated with Drone Destination’s platform for seamless operation and booking management.

In a conversation with Inc42, Drone Destination CEO and founder Chyrag Sharmaa said, “We have our own Drone Hub on wheels, which are service vans with pilots and technicians always on the road. DeHaat centres will act as lead generation points for us. When bookings come up, our teams will visit the farmer, perform the spray service, and collect payment”.

Drone Destination also said that it will be registered as a service provider on DeHaat’s platform while the agritech major will also list its agricultural products and services on the drone tech startup’s platform.

Sharmaa added, “Our collaboration with DeHaat will increase our presence and enhance our network footprint. We are present in 12 states, DeHaat in 11, with an overlap in 7 states. This partnership allows us to increase capacity and demand per village or district.”

“… Our collaboration with Drone Destination represents another significant step forward in that direction. By integrating drone technology with our comprehensive agricultural services, we aim to provide farmers with cutting-edge tools that can increase crop yield and ensure sustainable farming practices,” said DeHaat cofounder and director Amrendra Singh.

Meanwhile, Sharmaa also told Inc42 that drones could be utilised to address labour shortages and other issues prevalent in the Indian agriculture space. 

He explained, “Drones address labour shortages, especially in crops like soybean and sugarcane where manual spraying can be dangerous or difficult. They also enable precision spraying and foliar application, which is particularly effective for nutrient absorption through leaves:.

This partnership comes two months after Drone Destination collaborated with the National Small Industries Corporation (NSIC) to set up a drone training centre at the National Science and Technology Council in Delhi. 

Founded in 2019 by Sharmaa, Drone Destination claims to be India’s largest drone pilot training and leading drone-as-a-service company. The company’s portfolio includes solutions for agriculture spray, aerial surveying, and asset inspection services. The company is also said to be working closely with Survey of India. 

It listed on the NSE Emerge platform in July last year.

Meanwhile, DeHaat, founded in 2012, operates a network of 14,000+ centres across 11 states, catering to 2.7 Mn+ farmers. The company offers services including distribution of agricultural inputs, farm advisory, financial services, and market linkages for selling farm produce.

The partnership comes at a time when the Centre has actively pitched for using drones to improve agricultural efficiency through schemes such as the Drone Didi scheme as well as the Kisan Drone scheme. 

Besides, the Centre last year banned imports of most drones in a bid to give a major fillip to the homegrown drone manufacturing ecosystem. As per an Inc42 report, the Indian drone tech space is expected to reach a market size of $13 Bn by 2030.

The post DeHaat Inks Pact With Drone Destination To Offer Agri-Drone Solutions appeared first on Inc42 Media.

Urban renting-focused proptech startup Flent has raised INR 6.5 Cr in a pre-seed funding round led by WEH Ventures. 

The round also saw participation from 2 AM Ventures, Pareto Holdings and a host of angel investors, including Atlassian’s senior vice president Sanchan S Saxena, Capillary Technologies founder Aneesh Reddy, Dr. Vaidya founder Arjun Vaidya, YourStory founder Shradha Sharma, and Ivy Homes founder Abhilash N.

The Bengaluru-based startup plans to use the fresh capital to expand its core team and develop India’s first full stack renting platform. 

Founded in 2023 by Shail Daswani, Mayank Lalwani and Rishabh Agnihotri, Flent allows customers to move into fully furnished homes within 15 days of signing up, with zero brokerage.

“People compromise on so many things when it comes to renting—settling for outdated and unfurnished homes, hefty deposits, subpar brokers, and one-sided terms. We believe that in today’s world, compromise isn’t an option, especially for the new generation. At Flent, we’re making renting as simple as booking an Uber,” Daswani said.

Since its launch, Flent claims to have listed 120 rooms across Bengaluru, ranging from 1 BHKs to 3 BHKs. The company claims all units were rented within 10 days of launch.

“We already have a waitlist of over 500 people and have consistently achieved 100% occupancy,” Daswani said.

Flent aims to make a mark in a competitive proptech market, which includes several established and legacy players, including Zolo Stays, Settl and Nestaway, which was acquired by Aurum PropTech for INR 90 Cr in June 2023.

The proptech sector in India has been seeing significant investor interest recently. Earlier this month, JUSTO Realfintech raised $7 Mn from Arbour Investments, while HouseEazy secured $7 Mn in Series A funding led by Chiratae Ventures in August. 

In July, Jugyah raised $1.5 Mn in seed funding co-led by White Venture Capital, QED Investors, and Godrej Properties. Settl, earlier this year, raised INR 10 Cr in its pre-Series A round, while reporting a two-fold revenue jump to INR 16.75 Cr in FY23.

The post Proptech Startup Flent Bags Funding To Ease Renting For Working Professionals appeared first on Inc42 Media.

B2B manufacturing and supply chain enablement startup Groyyo has bolstered its leadership team with the appointment of two senior executives.

The company has roped in Smita Verma Kansal as chief business officer (CBO) and Alessandro Bertini as vice president – commercial.

With experience in sourcing and operations across multiple markets, Kansal seeks to help Groyyo in driving up its exports to the US and expand into the overseas markets.

On the other hand, Bertinin, with fashion industry links, will aid in fuelling the startup’s commercial strategies and brand tie ups.

Prior to joining Groyyo, Kansal was the senior vice president and founding member at B2B ecommerce startup Geniemode. 

Meanwhile, Bertini had worked with brands such as MANGO, Massimo Dutti and Zalando. 

“With gross margins at 15% in FY24, we have strengthened our leadership by appointing Smita and Alex, whose experience in manufacturing and sourcing across Asia supports our mission to help SME manufacturers expand globally,” said Groyyo’s chief executive Subin Mitra.

Founded in July 2021 by Mitra, Pratik Tiwari and Ridam Upadhyay, Groyyo has worked with over 500 manufacturers across more than 175 product categories in more than ten countries. Its AI-driven platform aims to boost efficiency for over 360 factories. The company serves 110+ brands in nearly 10 countries, with 30-40% of revenue from the US market.

The company reported a 19X revenue increase to INR 509.8 Cr in FY23. 

In January, Groyyo secured INR 40 Cr in debt funding from Lighthouse Canton and Trifecta Capital to boost its financial reserves and scale up strategic initiatives.

The post Groyyo Rejigs Top Deck, Ropes In Geniemode Executive Smita Verma Kansal As CBO appeared first on Inc42 Media.

Biotech startup Ahammune Biosciences has raised $5 Mn (about INR 41 Cr) in its Series A round led by pi Ventures. 

The round also saw participation from Capital2B, Colossa Ventures, Bipin Agarwal, Unicornus Maximus, as well as existing investors Ideaspring Capital, Kotak Alternate Assets, Legacy Assets LLP and IAN.

The Pune-based startup plans to use the fresh capital to conduct the second phase of human clinical trials for its drug candidate for vitiligo. The funds will also be utilised to expand the patent portfolio and advance R&D efforts for other immune-mediated skin diseases.

Founded in 2016 by Dr Parul Ganju and Dr Krishnamurthy Natarajan, Ahammune is a clinical-stage therapeutics startup working to foster innovative solutions for chronic skin diseases.

“Unlike existing treatments, our small molecule drug candidate does not cause generalised immunosuppression and has first-in-class mechanism of action, with an ability to not only stop patch spread but also stimulate the function of colour producing cells in skin, thereby inducing repigmentation,” cofounder and CEO Dr Ganju said.

While the startup’s next phase of human trials will focus on assessing the safety and efficacy of the drug candidate, it will also look to expand its patent portfolio around its proprietary small molecule therapeutics platform.

Besides vitiligo, a skin depigmenting disorder that affects 1-2% of the global population, Ahammune is also developing treatments for other dermatological conditions. “Currently, our second pipeline drug is for eczema.This is also a global problem. In the West, almost 20% of children are affected by it, as even in several people, even when they grow older, it stays with them,” the CEO explained.

The startup previously raised an undisclosed amount in its pre-Series A round from Ideaspring Capital and Indian Angel Network. It also received grants totalling INR 2.1 Cr from the Department of Biotechnology to conduct animal studies.

Commenting on the investment, pi Ventures managing director Roopan Aulakh said, “India’s biotech landscape is evolving beyond generics and contract research, with innovative startups like Ahammune leading the charge. We are confident that their breakthrough drug molecule has the potential to treat vitiligo without the associated side effects of existing treatment options.” 

Ahammune currently claims to have an eight-member team, including four PhDs. It has filed 20 patent applications, with seven already granted in countries including India, the US, Europe, Israel, and Australia.

The development comes at a time when the Centre is also promoting startups in the biotech sector. As part of this push, the Department of Pharmaceuticals launched the Scheme for Promotion of Research and Innovation in pharma-medtech sector (PRIP) last year, with 50 out of 125 research projects allocated for startups. 

As of June 30, 2024, the Department for Promotion of Industry and Internal Trade (DPIIT) recognised 2,127 startups in the pharmaceutical sector, with 1,397 new pharmaceutical startups established in the last three years. 

The post Ahammune Biosciences Raises $5 Mn To Speed Up Drug Development For Vitiligo appeared first on Inc42 Media.

Bengaluru-based electric vehicle startup Ultraviolette Automotive has started exporting the first batch of its made-in-India F77 MACH 2 high-performance electric motorcycles to the European Union (EU) markets.

The ceremony took place at Ultraviolette’s manufacturing facility in Bengaluru, led by Union Minister of Heavy Industries H.D. Kumaraswamy and Minister of Industries and Commerce, Karnataka, M.B. Patil. 

Kumaraswamy said, “The expansion of Ultraviolette into the European market represents a defining moment for India’s automotive industry, demonstrating our nation’s ability to compete on the global stage.”

Patil added, “Bengaluru is at the forefront of India’s electric vehicle revolution, and Ultraviolette is the Tesla of India. Their success is a testament to our vibrant ecosystem for innovation.”

Founded in 2016 by Narayan Subramaniam and Niraj Rajmohan, Ultraviolette has set its sights on becoming a significant player in the global electric vehicle industry. The company has attracted investments from Lingotto, Qualcomm Ventures, Zoho Corporation, TVS Motors, and Speciale Invest.

The F77 MACH 2, designed and produced in India, has a 10.3 kWh battery pack, the largest in the country. It also features cell-level fuse technology and an IP-67 rated enclosure.

For its European market entry, Ultraviolette will focus on Italy, Spain, France, Germany, and the UK. The F77 MACH 2 is expected to be priced between €9,000 to €11,000 in Europe, depending on government incentives and taxes.

Ultraviolette’s manufacturing facility, spread over 70,000 sq ft in Bengaluru’s Electronics City, has an initial production capacity of 15,000 electric motorcycles per year. The company plans to increase this to an annual capacity of 120,000 units.

In a Series D funding round in 2022, Ultraviolette raised $10 Mn from Amsterdam-based Exor, valuing the company at $300 Mn. The startup competes with other electric two-wheeler manufacturers in India, including Revolt, Pure EV, Ola Electric, Ather, TVS, and Hero.

In the future, Ultraviolette plans to expand its presence in more Indian cities over the coming year. The company is also developing the F99 Factory Racing Platform, with a global commercial launch expected by 2025.

This move comes amid growing interest in electric vehicles in India, with the government setting a target of 30% electric vehicle adoption by 2030.

In March 2024, the government announced a new policy reducing import taxes on EVs for companies committing to local manufacturing. Earlier this month, Maruti Suzuki announced plans for its first electric vehicle, set to launch in early 2025. The mid-size electric SUV will feature a 60 Kilowatt-hour battery with a range of 500 km on a single charge.

The post Ultraviolette Begins Exports Of Its Made-In-India E-Bikes To EU appeared first on Inc42 Media.

Enterprise tech startup Unicommerce has strengthened its leadership team with two new appointments as it looks to drive growth in the ecommerce enablement space.

The company has roped in Pranay Kale as Senior Director-Head of India Sales (Business Acquisition) and Vaibhav Mehrotra as Senior Director-Marketing (Corporate).

Kale’s experience in SaaS sales and Mehrotra’s expertise in digital marketing are expected to boost Unicommerce’s market presence and customer acquisition strategies, the startup said in a statement.

Both Kale and Mehrotra have been designated as senior management personnel, effective September 23, 2024, Unicommerce said in a filing with stock exchanges.

Kale brings over 18 years of experience in the SaaS industry, having worked across BFSI, technology and manufacturing verticals globally. Most recently, he served as VP & Business Head of Enterprise Business at LeadSquared since April 2023, where he was responsible for solution selling and business development. 

Mehrotra has more than 15 years of experience across brand, product, digital and performance marketing. He joins Unicommerce from his role as Senior Director of Marketing at Cashfree Payments, a position he held since April 2021. In this role, he led the company’s marketing strategy and execution. 

The appointments come as Unicommerce continues to show strong financial performance. For the quarter ended June 2024, the company reported a 9.18% year-over-year increase in revenue from operations to INR 27.47 Cr, while net profit rose 30.97% to INR 3.51 Cr.

Unicommerce, which went public in August 2024, serves over 3,600 clients and manages more than 8,300 warehouses. The company aims to expand its presence in international markets, including Thailand, Egypt, Kenya, Bahrain, and Qatar.

The post Unicommerce Bolsters Sales & Marketing Verticals With Two New Senior Directors appeared first on Inc42 Media.

With India rolling up its sleeves for faster adoption of artificial intelligence, one of the country’s prominent players in the automotive space, Mahindra Group, has taken a plunge into the new age technology with a dedicated AI division, aimed at tapping into advanced technologies for the benefit of various businesses.

This move aims to centralise AI efforts and integrate them into mainstream operations.

The division is positioned at the Mahindra Group’s corporate level, designed to serve all the group’s businesses, including Mahindra & Mahindra (automotive), Mahindra Lifespace (real estate) and Mahindra Holidays (hospitality).

Bhuwan Lodha, who previously led digital operations in the group’s flagship auto business, has been appointed to head this new AI division. 

PTI reported citing Lodha, “We have set up the AI division at a group level which is tasked to make our businesses successful with AI.”

Lodha explained that the new division will initially draw AI talent from various group companies. “AI projects became side hustles for every IT team in every company. Now we are bringing it mainstream,” he added.

The Mahindra Group’s AI division will focus on developing tailored AI solutions for its companies while also leveraging global innovations, including those from startups and universities. Lodha mentioned that the division would collaborate with Tech Mahindra, the group’s IT services arm, for domain expertise.

“Our goal is to build the right AI solutions for all the group companies,” Lodha stated, highlighting the potential applications across Mahindra’s diverse sectors including auto, real estate, and hospitality. The division will unify AI efforts across the group, drawing on expertise from Tech Mahindra for specialised technical support.

This move aligns with the broader trend of Indian conglomerates investing in AI capabilities. During Reliance Industries’ 47th AGM, chairman Mukesh Ambani announced plans to integrate generative AI into all of Jio’s processes and offerings. The company is developing ‘Jio Brain’, a comprehensive suite of AI platforms and tools, currently being tested within all Reliance group companies.

Similarly, TCS launched ‘AI WisdomNext’, designed to remove barriers for customers to develop and launch business solutions using GenAI tools. Siva Ganesan, head of AI.Cloud Unit at TCS, said, “TCS AI WisdomNext helps our customers take advantage of GenAI to unlock the full potential of their data, drive greater business innovation and efficiency and gain a competitive edge.”

The Mahindra Group’s AI division is also expected to play a crucial role in talent development. Lodha emphasised that the division would provide a career path for AI specialists and ensure engaging work across multiple entities and sectors.

The post Mahindra Group Unveils AI Unit To Bolster Its Biz Operations appeared first on Inc42 Media.

Entertainment consumption trends in India have swung like a pendulum in the past five years. While the Covid-induced lockdowns put a dampener on India’s flourishing movie theatre businesses, it proved to be a blessing for over-the-top (OTT) streaming platforms.

While many of these platforms were already operational in the country for some years by then, what exacerbated the influx of users to these streaming platforms were strong tailwinds such as affordable high-speed internet, a sharp uptick in the number of internet users and increased adoption of digital payments.

Since then, these players have barely looked back. The OTT streaming market in India reached an all-time high in 2023, with about 707 Mn internet users having been actively engaged in OTT audio and video services, as per ‘Internet in India Report 2023’.

Realising that there was a huge pent-up demand for such services, global giants such as Netflix, Amazon and Disney+ Hotstar aggressively poached users with expansive content libraries, discounted pricing (in some cases 70-90% lower than their US plans), and bundled plans in partnerships with telecom operators.

On the other hand, homegrown platforms like Zee5, TVF Play and Stage tapped into the growing demand for vernacular content that catered to India across the board. 

Later on, the entry of JioCinema disrupted the ecosystem to such an extent that Disney+ Hotstar had to set in motion its $8.5 Bn merger with the Reliance-backed streaming platform.

And this dogfight in the Indian streaming market is not without reason. As per reports, the Indian subscription video on demand (SVOD) market in India is projected to grow at a compounded annual growth rate (CAGR) of 11.1% to become a $2.77 Bn opportunity by 2027.

Glaring at this huge market, we thought of curating a list of the top OTT players shaping the Indian streaming landscape. So, without further ado, here is the full list:

Note: This is not a ranking of any kind, and the companies are listed in alphabetical order.

Aha!

Founded by film producer and distributor Allu Arvind in 2020, Aha streams content in two regional languages – Telugu and Tamil. The platform is owned by Arha Media and Broadcasting Private Limited, which is a joint venture between Geetha Arts and My Home Group.

The platform claims that it has a paid subscriber base of 2.5 Mn. Its app has over 1 Cr downloads on the Google Play Store. The platform’s subscription plans vary from INR 99 for three months to INR 899 a year.

In 2023, Aha’s promoter Allu Aravind and CEO Ajit Thakur said that the platform would receive an investment of over INR 1,000 Cr in the next three years. Aha will be deploying the fresh capital towards consolidation of its current languages and expansion into new languages and genres.

Addatimes 

Addatimes, an OTT platform that primarily streams Bengali content, was launched in 2016 by Rajiv Mehra. The platform expanded to Bangladesh in 2020 and was later acquired by Surinder Films, a production house focusing on Bengali content, in 2023. 

The platform produces original series as well as full feature films adding to its 6000 hours of content, which is available in over 170 countries.

Although popular with its Bengali audience, the platform also offers content in Hindi and Odia. The current subscription plans are 799 and 1199 per year  for one and two screens respectively. 

ALTBalaji

ALTBalaji, a subscription-based video-on-demand platform launched in 2017 by Ekta Kapoor’s Balaji Telefilms, primarily caters to the Hindi-speaking audience in India. With an annual subscription fee of INR 693, it competes with both domestic rivals like MX Player, SonyLiv, Disney+ Hotstar, Zee5, and international giants like Amazon Prime Video and Netflix.

Despite facing stiff competition, ALTBalaji’s parent company, ALT Digital, has shown signs of improvement. In the first nine months of FY24, the platform’s EBITDA loss narrowed by 69% to INR 17.2 Cr compared to INR 56.1 Cr in the same period of the previous fiscal year.

Amazon Prime Video

Amazon entered the Indian ecommerce market in 2013 but later diversified its business and launched Prime Video, its video-on-demand and OTT platform, in India in 2016.

Prime Video has over 230 Mn subscribers worldwide, with 59.8 Mn users in India. To the Indian audience, the platform offers movies, TV shows and original series in multiple Indian languages.

Akshay Sahi heads Amazon Prime, delivery and returns experiences for India and emerging markets. Earlier this year, Prime Video and Amazon Studios Senior VP, Mike Hopkins, said that for the last several years India has given Prime the highest number of subscribers and signups outside the US.

More recently, Abhinav Agarwal, director and head of Amazon India Prime, told Inc42 that the company will launch two new cheaper annual membership plans — Prime Lite and Prime Shopping Edition.

Apple TV+

Tech major Apple launched its OTT service Apple TV+ in 2019 in India. Apple TV+ offers three subscription options which include a three-month free subscription on the purchase of an Apple device, a INR 99 per month plan after a 7-day free trial or a free 1-month trial with Apple One, bundling Apple TV+ with three other services at a low monthly rate.

Since its launch, Apple TV+ has bagged many awards and generated hits but hasn’t launched any original content in the Indian market. To compensate for this, the company has been partnering with other entities to piggybank its platform in the country. 

In 2023, Apple TV+ partnered with Tata Play Binge to make its content accessible across mobile devices, smart TVs, desktops, laptops and tablets, the web, connected to Binge+ set-top box, Tata Play. 

Earlier in August, Apple partnered with Airtel to bring exclusive offers of Apple TV+ and Apple Music to its customers. The partnership will see Airtel Xstream customers gain access to Apple TV+ content as part of Airtel’s premium Wi-Fi and postpaid plans. The Apple Music and Apple TV+ offers will be available exclusively to Airtel customers in India soon.

Arre

Launched in October 2015 by former Network 18 and TV 18 executives B Sai Kumar, Ajay Chacko, and Sanjay Ray Chaudhari, Arre creates original content for its own platforms and for other video streaming services, including Netflix.

Arre Studio, a dedicated wing within the company, creates large format shows and mini-series for leading OTT platforms in India. It offers content across video, audio, text, formats and across various genres, including fiction, factual entertainment, documentaries, social experiments, and more.

The Mumbai-based startup earns revenue through a mix of branded content, advertising and syndication to other platforms.

Chaupal

Chaupal is a multi-regional OTT platform launched in 2021, offering content in Punjabi, Haryanvi, and Bhojpuri languages. It was founded by Sandeep Bansal, who is also the CEO of the platform.

The platform produces original films and web series, and acquires theatre-released films. Chaupal is accessible in 244 countries on smartphones, PCs, and smart TVs.

Just like other OTT platforms, it also operates on a subscription model. The platform focuses on high-quality production and collaborates with known actors. By targeting regional content, Chaupal has established itself in the competitive Indian OTT market.

Disney+ Hotstar 

Launched in 2015, Disney+ Hotstar is an online video streaming platform owned by Novi Digital Entertainment Private Limited, a wholly owned subsidiary of Star India Private Limited.

The platform houses 1 Lakh hours of content and movies in nine languages.

Its Mobile (Ad-Supported) plan costs INR 149 for 3 months or INR 499 per year and allows access on one device. The Super (Ad-Supported) plan, at INR 299 for 3 months or INR 899 per year, supports two devices. The Premium (Ad-Free) plan, priced at INR 299 per month, INR 499 for 3 months, or INR 1499 per year, permits access on four devices.

Parent Walt Disney is set to merge its India unit with Reliance as part of a joint venture (JV). Pegged at over $8.5 Bn, the deal will create India’s biggest media conglomerate spanning properties of Star India as well as Viacom18. 

The OTT platform shed 5 Lakh subscribers in the June quarter of 2024 (Q3). As per parent Walt Disney’s financial statements for the quarter, the OTT platform saw its paid user base decline nearly 1.4% to 3.5 Cr in Q3 from 3.6 Cr in the previous quarter. 

Hoichoi

Hoichoi, a subscription-based OTT platform focussing on Bengali content, was launched in 2017 by SVF Entertainment. It was co-founded by Shrikant Mohta, Mahendra Soni, and Vishnu Mohta.

The platform hosts over 600 Bengali movies, 150+ original web series, short films, and documentaries. Popular original series include Eken Babu, Byomkesh, and Mandaar.

Hoichoi has approximately 13 Mn subscribers in over 100 countries. It aimed for a 50-75% revenue increase in FY23, with about 40% of its direct revenue coming from international markets. 

In 2023, Vishnu Mohta said that the Bengali OTT platform had seen a 40% year-on-year increase in direct subscriptions and a 60% rise in individual watch-time per subscriber. 

The company has partnerships with Vodafone and smart TV brands such as Samsung, Amazon Fire Stick and Roku. Moving forward, it plans to expand its content library and explore other regional languages like Tamil, Telugu, and Malayalam.

Hungama OTT

Launched in 2011, Hungama OTT app provides users with a combination of songs, movies, original shows, music videos, online radio, audio books, games and podcasts. Its music library contains over 3 Cr songs in English, Hindi, Punjabi, Kannada, among 13 languages. The app is available in India, US, Pakistan and has over 5 Cr downloads on the Google Play Store. 

Its Gold subscription comes with price tags of INR 99 for one week, INR 199 for a month, INR 299 and INR 449 for quarterly and annual membership. With the subscription, users get ad free music streaming, movies, among other aforementioned offerings. 

Users can still stream music and other audio offerings with ads for free. Besides, it also has a library of rental movies as well priced at INR 179 for one time watch.

JioCinema

Reliance Industries Limited (RIL) forayed into the OTT arena in 2016 in conjunction with Viacom18. It operates on a freemium model, offering a free tier with ads and a premium tier at INR 999 annually.

To capture public interest, the platform has been introducing a slew of mass IPs that garnered it a subscriber base of over 421 Mn as of September 2023. Popular content hosted by JioCinema includes Indian Premier League (IPL), Bigg Boss, Splitsvilla, and a host of foreign content from HBO, Paramount Plus, and American streaming service provider Peacock, among others. 

As of now, the platform is all set to merge with Disney+ Hotstar to become the leading OTT platform in India in terms of content library. 

In March this year, JioCinema joined hands with short-video social media platforms Sharechat and Moj to showcase its sports content, including the Indian Premier League (IPL), the Women’s Premier League (WPL), the Indian Super League (ISL), and the 2024 Olympics.

ManoramaMax

Marking its foray into the OTT space, regional Malayali network Manorama TV launched ManoramaMAX in 2019. The app combines the offerings of Mazhavil Manorama and Manorama News. 

It hosts a collection of over 400 Malayalam films, daily news shorts and exclusives.

It is available on Android, iOS, LG Smart TV (WebOS), Samsung TV (Tizen) , Apple TV, Fire TV and Google Chromecast.

ManoramaMAX’s annual combo plan is priced at INR 1,299 and gives unlimited access to all premium and non-premium articles and exclusive content with an ad-lite experience.

Netflix

One of the biggest names in the OTT arena globally, Netflix entered the Indian market in 2016. On the back of a robust content catalogue in the country, India emerged as the second biggest market for the streaming giant in terms of paid subscriber additions for the quarter ended June 2024. Indian shows and movies clocked more than 1 Bn views on streaming platform Netflix between July and December 2023. 

Fuelling the surging numbers has been the growing subscriber base of the OTT streaming platform globally. In addition, Netflix’s diverse content library, spanning multiple countries, has also been an attractive proposition to woo new users, amid mounting competition. 

Netflix has been strategically cutting subscription prices, cracking down on password sharing, and expanding its library in India over the past few years. As a result, the company’s India arm was able to register a 75% year-on-year (YoY) increase in profit to INR 35 Cr in its last disclosed financial results for the financial year 2022-23 (FY23).

Planet Marathi

Founded in 2020 by Akshay Bardapurkar,  Planet Marathi bids to fill in the gap of high quality Marathi language content in the bustling Indian OTT ecosystem. Since launch, the OTT platform offers Marathi content, from original web series, to short films, talk shows, events, music videos. It claims over 24 Mn video plays since launch. 

Planet Marathi is available on Android and iOS platforms globally. It has over 1 Mn downloads on Google’s App Store. 

The startup has diversified into brand and celebrity management through Planet Talent. It has also launched initiatives like Planet Bharat and Planet Goem to expand into different languages and regions.

Saina Play

Saina Play, launched in January 2019, is an Indian OTT streaming platform specialising in Malayalam content. Founded by P.M. Bava and his son Aashiq Bava, the platform evolved from Saina Audio & Video, a video distribution business established in 1985 in Chennai.

It offers a diverse library of movies, web series, and music, available in resolutions up to 1080p. The service is accessible across multiple platforms, including Google Play Store, App Store, Android TV, and Fire TV. Since its launch, the platform has gained substantial traction, surpassing 2 Mn app downloads.

With a focus on making regional content more accessible, Saina Play provides both free and premium content. Subscription plans were initially priced at INR 119 per month or INR 999 per year. The platform aims to support regional content creators while catering to a global audience interested in Malayalam entertainment.

SonyLIV

SonyLIV was launched in 2013 by Sony Pictures Networks India. It quickly became popular for its live sports and original content in multiple Indian languages. 

As of 2023, SonyLIV enjoyed a global user base of 33.3 Mn paid subscribers, which has grown substantially from 700K in 2020.

SonyLIV’s library contains 40,000 hours of TV content, 25+ satellite channels and 700+ movies. It offers exclusive sports content, including cricket tournaments and US Open. The platform creates original series in Hindi, Tamil, Telugu and other languages.

Content is available in 11 Indian languages. SonyLIV supports 4K streaming for some titles and allows multi-device access.

The platform is expanding into international markets like the US and the UK. It focusses on B2B bundling to increase subscriptions in India and other regions.

SunNxt

SunTV Network launched OTT platform SunNXT in June 2017, quickly gaining traction in the Indian OTT market. The platform acquired 1.1 Mn users within four days and reached 7 Mn users by November 2017. The platform streams content in six Indian languages. 

Its library of 4,000 movies and 30 live TV channels appeals to viewers of multiple languages. The platform’s focus on regional content sets it apart in the competitive OTT landscape.

With 3.73 Mn monthly active users and 8.4 Lakh+ daily active users, the platform garners strong engagement. Kalanithi Maran leads Sun TV Network with a 75% stake. 

STAGE

Launched in 2019, STAGE is an entertainment platform that focusses on regional content in Haryana and Rajasthani. It was founded by Vinay Singhal, Shashank Vaishnav, and Parveen Singhal. Recently, Harsh Tripathi joined the platform as a cofounder and chief product officer.

In 2021, STAGE raised $2.5 Mn in a Series A round led by Blume Ventures, valuing the company at $10 Mn. The platform is in final talks to raise a Series B round for an undisclosed amount.

The platform offers web series, films, and short films in Haryanvi and Rajasthani languages and dialects. In the short term (by March), STAGE is planning to introduce content in more regional regional languages — Awadhi, Bhojpuri, and Maithili.

Operating on a subscription video-on-demand (SVOD) model, STAGE is a professionally generated content platform and not a user-generated content one.

The founders’ background in content creation guides the platform’s strategy. Notably, the founding team has also played a crucial role in building the content platform WittyFeed, which was shut down in 2018.

TVF Play

The Viral Fever (TVF) launched TVFPlay in 2015. TVF, founded by Arunabh Kumar in 2012, creates content for millennials. The platform streams shows like ‘Permanent Roommates’ and ‘TVF Pitchers’ for free in India, while international viewers pay subscription fees.

TVF Media Labs Private Limited reported operating revenue under INR 1 crore for the financial year ending March 31, 2023. 

EBITDA decreased by 20% and net worth by 14.90%. In FY22, TVF turned profitable with INR 5.73 Cr profit after tax, up from a INR 14.73 Cr loss in FY21. 

Total income for FY22 was INR 79.22 Cr, a 117% increase from FY21.

On May 22, 2019, TVF raised $4.97 Mn from Tiger Global in a Series D round, valuing the company at $82 Mn. Total funding now stands at $26.9 Mn across seven rounds. TVFPlay had 1.5 Mn monthly active users in Q3 2023.

The platform’s library includes ‘Kota Factory’, ‘Gullak’, and ‘Aspirants’. For 2024, TVF announced 16 new shows, including new seasons of its popular shows.

Arunabh Kumar serves as founder, with Vijay Koshy as president. TVF partnered with ZEE5 in 2021 to expand its reach. In April 2022, the company launched a motion picture division.

TVF’s growth from a YouTube channel to a content studio with multiple funding rounds shows another evolution of Indian digital entertainment.

Ullu Digital

Founded by Vibhu Agarwal and Megha Agarwal in 2018, Ullu Digital is a Mumbai-based OTT platform that is engaged in the distribution, promotion, exhibition, marketing and delivery of various content on its digital platform and app.

Its membership plans are priced at INR 693, INR 396, INR 225, and INR 99. The platform filed its draft red herring prospectus (DRHP) in February this year. Via the IPO, Ullu Digital plans to raise INR 135-INR 150 Cr, which, if approved, would become the biggest SME IPO to date.

Ullu posted an operating revenue of INR 93.1 Cr in FY23, which doubled from INR 46.8 Cr in the previous fiscal year. Its profits also jumped to INR 15.1 Cr from INR 3.9 Cr in FY22. 

Zee5

ZEE5 was launched in 2018 by Zee Entertainment Enterprises Limited (ZEEL), part of the Essel Group. The platform is led by Punit Goenka, the CEO of ZEEL, along with chief business officer Manish Kalra.

In August 2024, the OTT platform claimed that it reaches over 600 Mn users globally every week. Besides, it said that it also saw content consumption jump threefold through partnerships with leading TV brands since 2022. 

The platform produces 500 hours of content weekly and has a library of over 2.7 Lakh hours, which includes movies, TV series and original web content. It also features 90+ live TV channels.

The platform’s key features include multi-device access, content in 20 languages, and HiPi, a short-video sharing platform. ZEE5 utilises cloud-native technology and supports 4K streaming for select titles.

This is a running list, and we would love to add more OTT platforms disrupting the future of streaming. To nominate write us at editor@inc42.com.

Last updated: September 23, 2024

The post 21 OTT Platforms Disrupting India’s Streaming Market appeared first on Inc42 Media.

Amazon India has reportedly rolled out an generative AI-powered conversational shopping chatbot, Rufus, ahead of its annual Great Indian Festival sale. 

The e-commerce giant aims to enhance customer experience and streamline the shopping process with this AI-driven tool.

Rufus enables natural language interactions within the Amazon app, allowing customers to ask product-related questions, receive recommendations, and compare products easily. 

As per Business Standard, citing Saurabh Srivastava, vice president, categories at Amazon India, “Whether typing or speaking, customers can now enjoy a more intuitive shopping experience, further enhanced by AI-powered tools like personalised recommendations and Alexa for seamless shopping assistance.”

In addition to Rufus, Amazon has introduced AI-Generated Review Highlights, which use generative AI to provide concise summaries of customer reviews. This feature will give customers quick insights into product sentiment and key attributes.

The launch of Rufus comes as Amazon prepares for its Great Indian Festival sale, scheduled to start on September 27, 2024, with a 24-hour early access for Prime members. The company is offering nearly 25,000 new product launches across various categories, including electronics, mobile phones, TVs, appliances, fashion, and healthcare.

In February 2024, the company introduced Rufus, on its website to help customers find products more efficiently and in March it launched the beta version in India. This was part of Amazon’s broader AI strategy, which included a $4 billion investment in Anthropic, an AI company that develops AI systems with a focus on safety, in September 2023. 

The e-commerce giant has also been enhancing its existing products with AI capabilities. In March 2024, Amazon rolled out a new version of Alexa with improved conversational abilities, allowing for more natural interactions and complex task completion.

To support its growing operations and prepare for the festive season, Amazon India recently launched three new fulfillment centers in Delhi NCR, Guwahati, and Patna. These centers will support over 250,000 sellers in the region and offer a combined storage space of 1.2 million cubic feet.

The company has also created more than 110,000 seasonal job opportunities across its operations network to meet the anticipated increase in customer demand during the festive season.

In a recent leadership change, Amazon named Samir Kumar as the new country manager for India, effective October 1, 2024. Kumar, who has been with Amazon for over two decades and was part of the original team that launched Amazon India in 2013, will take over operational responsibilities from Manish Tiwary.

To support its growing operations and prepare for the festive season, Amazon India recently launched three new fulfillment centers in Delhi NCR, Guwahati, and Patna. These centers will support over 2.5 Lakh sellers in the region and offer a combined storage space of 1.2 million cubic feet.

The post Ahead Of Festivity Kickoff, Amazon Rolls Out AI Chatbot To Boost Customer Reach appeared first on Inc42 Media.

Big Bang Boom Solutions (BBBS), a deeptech startup working in the defence space, has secured $30 Mn (INR 250 Cr) in an undisclosed funding round from a clutch of investors, including Mumbai Angels Network, Vyom Family Office, SBI Startup Branch Chennai and Asquare Investing, among others.

The Chennai-based company plans to deploy the fresh proceeds to expand its operations and build new technologies.

The funding comes nearly over six months after BBBS bagged an order worth over INR 200 Cr from the Indian Air Force and the Indian Army for its anti-drone technology.

Founded in 2018 by Praveen Dwarakanath and R. Shivaraman, Big Bang Boom aims to co-create intellectual property that can be used by the Indian armed forces to counter asymmetric emerging threats. In addition to the anti-drone system, the startup has also won five iDEX challenges and completed three of them in diverse fields of drones, advanced chemical engineering, computer vision and cyber security. 

“Building a defence business requires patient capital. But expecting investors to have a 25 year horizon is a pipe dream. We therefore looked at the problem through a different lens. We decided to rotate the capital table 8 times in 25 years giving investors timely exits and an option to stay on,” said Dwarakanath.

“When we set out to build a product, we benchmark ourselves globally, allowing us to compete both in India and across the world and ensure longer product life cycles. While R&D is in our DNA, and we will do what it takes to transform the landscape of Indian defence, we are clear that the timeline to monetization must go hand in hand with adequate creation of core intellectual property,” said Shivaraman.

It is pertinent to note that in an attempt to improve border security, the Indian army reportedly said earlier this year that it was planning to set up a fully indigenous anti-drone system across the country’s western borders for drones allegedly smuggling arms and narcotics in India from another nation.

The Defence Research and Development Organisation (DRDO) had reportedly also asked the likes of BEL, Larsen and Toubro, and Adani Group to develop the anti-drone technology.

EndureAir Systems, ideaForge, and IoTechWorld are a few other drone startups catering to various needs of the defence sector.

IdeaForge recently entered the US market and expanded to Oman, Nigeria, and Bhutan. However, the company faced challenges in Q1 FY25, with net profit dropping 90% to $0.24 Mn (INR 20 Mn) and revenue falling 11.2% year-on-year to $10.3 Mn (INR 862 Mn).

The post Big Bang Boom Pockets $30 Mn To Boost Its Anti-Drone Tech Playbook appeared first on Inc42 Media.

Hours after a media report emerged that Chennai-based tech giant Zoho’s semiconductor venture could come up in Odisha with an investment of INR 3,034 Cr, the company’s founder and chief executive Sridhar Vembu dismissed the report, calling it “inaccurate”.

Taking to social media platform X, Vembu said, “I do not like to comment on rumours and speculation but today’s news item on our semiconductor investment is inaccurate. Our investment proposal is still pending with various authorities and decisions have not yet been made. That is all I can say at this point.”

As per BusinessLines’ report, a semiconductor venture from the Zoho group would be built in Odisha with an investment of INR 3,034 Cr. It further said that a company named Silectric Semiconductor Manufacturing Pvt Ltd, formed by Zoho directors in March, has been planning to set up a silicon carbide manufacturing unit in Odisha’s Khurdha district.

The news gained traction following a post on X by Sampad Chandra Swain, Minister of State for Industries, Skill Development and Technical Education, Government of Odisha. 

Swain announced that the Odisha High Level Clearance Authority (HLCA) approved 12 major industrial projects, with half of the total INR 39,000 Cr investment being sanctioned. 

As per the initial reports, the proposed Silectric facility aimed to establish a comprehensive silicon carbide manufacturing value chain, from ingots to wafers, MOSFETs, modules, and packaging. 

The unit was said to have a planned annual capacity of 72,000 each for EPI wafers, MOSFETs, and modules. The end products were reportedly intended for use in power electronics for electric vehicles, automotive applications, and renewable energy sectors.

While Vembu’s statement clarifies that no final decisions have been made, it’s worth noting Zoho’s previous interest in the semiconductor sector. In May 2024, reports emerged about Zoho considering a $700 million investment in chip manufacturing, focusing on compound semiconductors. At that time, the company had reportedly applied for approval under the government’s Production Linked Incentive (PLI) scheme.

Zoho Corporation, founded in 1996, is primarily known for its suite of cloud-based business software applications. The company has grown significantly over the years, with its operating revenue reaching INR 8,703.6 Cr ($1 Bn) in FY23, a 30% year-on-year increase.

Unlike many of its peers, Zoho remains bootstrapped and profitable. The company reported a net profit of $340 Mn in FY23. Zoho’s success stems from its focus on research and development, with the company reinvesting a substantial portion of its profits into innovation.

India’s push for domestic semiconductor manufacturing has gained significant momentum in recent years. 

The government’s Semicon India programme, with an allocation of ₹76,000 crore, aims to develop a robust semiconductor and display manufacturing ecosystem in the country. 

According to a report by Inc42, India’s semiconductor market is projected to surpass $150 billion by 2030, growing at a 24% compound annual growth rate (CAGR) between 2023 and 2030.

Several major players have already made strides in this sector. In February 2024, the union cabinet approved the country’s first semiconductor fab to be set up by the Tata Group in partnership with Taiwan’s Powerchip Semiconductor Manufacturing Corp (PSMC), with a net investment of ₹91,000 crore. Other approved projects include ventures by Tata Semiconductor Assembly and Test Pvt Ltd (TSAT) and a collaboration between CG Power and Japan’s Renesas.

The post ‘Inaccurate’: Zoho’s CEO Sridhar Vembu Shrugs Off Report On Its INR 3K Cr Chip Investment In Odisha appeared first on Inc42 Media.

Amid a rapid growth in demand for instant delivery services, Tata Digital-owned BigBasket has said that it will now offer 10-minute delivery of various electronic products, including the newly-launched iPhone 16, marking its venture into the electronics space. 

The move comes on the back of BigBasket’s partnership with electronics products retail chain Croma.

As per BigBasket, starting tomorrow (September 20), BigBasket consumers from Bengaluru, Delhi-NCR and Mumbai can order the latest iPhone 16 with ultra-fast delivery to their doorstep. 

Hari Menon, cofounder and CEO of BigBasket, said, “We are thrilled to bring the iPhone 16 to our platform, marking the beginning of our foray into the electronics space. This is just the start—very soon, we will be launching a wide range of top-tier electronics, all available with our lightning-fast delivery service.”

BigBasket, which reached the milestone of $1 Bn in annual revenues in 2020, has been expanding its operations across India. The company now operates in more than 400 cities, processing about 15 million customer orders per month. Its differentiation lies in its supply chain integration for fresh produce and groceries, along with strong private label brands.

This news follows its recent merger of Super Saver slotted delivery and BB Now quick delivery services into one interface. The company is targeting $1.5 billion to $2 billion in sales for the fiscal year and is increasing its SKUs from 10,000 to 30,000 while expanding its dark store network from 400 to 700.

The expansion into electronics quick commerce comes amid a booming market in India. Several players have been expanding their offerings beyond groceries and essentials. Blinkit and Swiggy Instamart are in talks with leading apparel and shoe manufacturers like Arvind Fashions, Fabindia, and Woodland to sell their products on their platforms.

Joining this, fashion e-tailer Myntra is testing a four-hour delivery service in four Indian cities, including Bengaluru and New Delhi. The company plans to expand this service to multiple cities by year-end. 

BigBasket’s move also follows Flipkart’s recent expansion of its quick commerce service ‘Minutes’ to Delhi, after its initial launch in Bengaluru. Flipkart has added 11 new fulfilment centres in nine cities, bringing its total to 83, and enhanced its delivery capabilities with over 200,000 SKUs available for same-day delivery across more than 20 cities.

The quick commerce sector has seen significant investment in 2024. Zepto raised $1.05 Bn in funding over two months, while Zomato announced plans to invest INR 300 Cr in its quick commerce unit Blinkit. Blinkit reported revenues of INR 2,302 Cr in fiscal 2024, up from INR 1,064 Cr in FY23.

However, challenges remain in the quick commerce sector. The All India Consumer Products Distributors Federation (AICPDF) recently called on the government to increase scrutiny of the unchecked growth of quick commerce companies. 

Finance Minister Nirmala Sitharaman has also indicated that the government will consider safeguarding the interests of small traders if predatory pricing tactics by quick commerce and ecommerce players impact their businesses.

The post As Competition Swells, BigBasket Joins Electronics Bandwagon With iPhone 16 Delivery In Just 10 Mins appeared first on Inc42 Media.

Bengaluru-based investment platform Stockal, which counts Aroa Venture Partners, July Ventures, HDFC Securities, Hashed Venture Fund and Czar Capital among its marquee investors, has bought fintech company Acru in a stock deal, marking its maiden acquisition.

However, without disclosing the deal size of the strategic acquisition, Stockal said that the move will allow it to offer a complete solution for cross-border investments. 

According to the company, Indian investors can now leverage Stockal’s platform to access over 6,000 global securities, while NRIs and foreign investors can invest in India’s markets.

With this buyout, Stockal aims to tap INR 500-1,000 Cr of new investment into India over the next one year. Till date, the platform claims to have processed over INR 15,000 Cr in transactions.

Sitashwa Srivastava, cofounder and CEO of Stockal, said, “This acquisition enables us to offer a truly holistic infrastructure for cross-border investing. We can take the Acru infrastructure to global banks, brokerages, wealth managers and fintechs to offer a simplified process for NRIs and PIOs investing in India’s dynamic market.”

“With Stockal’s backing, network, and expertise, we are well-positioned to provide a smoother investing experience and fast-track our goal of delivering bespoke financial solutions to the Indian diaspora,” said Acru founder Manjunath Reddy.

Founded in 2016, Stockal has opened over 150,000 investment accounts and processed nearly $2 Bn in transactions. The company aims to reach $3 Bn by the end of FY 2024-25.

Acru has developed infrastructure for investments in Indian mutual funds, digital gold, and digital silver. The company plans to add AIF, PMS, and listed equities as new asset classes for global investors.

The acquisition is expected to boost Stockal’s overall transaction volumes and help it reach an asset base of over $5 Bn by the end of FY 2025-26. The integration of Acru’s infrastructure is likely to accelerate investment inflows from HNIs and institutional investors, particularly in the Middle East, USA, Singapore, UK, Australia, and Canada, the statement added.

Stockal is also expanding its global footprint, with plans to launch in emerging economies like Indonesia, Malaysia, Vietnam, Ghana, and Nigeria by the end of this year. The company already has partnerships in UAE, Qatar, Oman, and Saudi Arabia.

The cross-border investment market in India has been gaining traction, with several fintech companies expanding their offerings. 

For instance, PhonePe acquired WealthDesk and OpenQ in 2022 to enhance its wealth management services, while Groww entered the mutual fund space by acquiring Indiabulls Asset Management Company in 2021.

The post Stockal Marks Maiden Acquisition With Acru To Push Its Cross-Border Investment Play appeared first on Inc42 Media.