This week, we’ve got some awesome news in the world of startups and finance. Induced AI, a promising startup, has managed to raise some serious funding. And that’s not all, folks, because fintech company Slice has merged with North East Small Finance Bank, a major move in the industry. Meanwhile, Artha Venture Fund-I has made a partial exit from Everest Fleet, showing us that the investment game is strong.
But let’s not forget about the other amazing deals happening this week. Some notable mentions include CRED, Dunzo, OpenAI, DeHaat, and WinZO among others. These companies are making waves and securing some big wins.
Now, shifting gears a bit, let’s talk about what’s happening in the Indian electric two-wheeler market. Despite their significant market shares, leaders like Ola Electric and Ather Energy are facing a lukewarm response from investors. It seems that heavy losses and regulatory uncertainties are putting a damper on their prospects.
In the world of fintech, there’s a startup called Synapse backed by global VC firm Andreessen Horowitz (a16z). Unfortunately, they’ve had to lay off a significant portion of their workforce, with 86 people losing their jobs. It’s a tough situation, but sometimes tough decisions have to be made.
Moving on, Truecaller, the popular caller identification app, has made an interesting acquisition. They’ve acquired Unoideo Technologies Pvt Ltd, a Bengaluru-based company that provides a service called TrustCheckr. This service helps businesses verify customer information and detect the risk of fraud based on phone numbers and digital signals. It’s a smart move by Truecaller to enhance their offerings.
Now, let’s talk numbers. CRED, the credit card bill payment leader, has seen some incredible growth. Their total income for FY22-23 has grown by a whopping 3.5 times compared to the previous year. That’s an impressive 252% increase, bringing their total income to Rs 1,484 crore. They’re definitely doing something right.
In the logistics and delivery space, Dunzo has some news to share. They’re planning to settle the dues of their former employees within the next three months and they’re also working on regularizing the salary for their current employees. It’s great to see a company taking care of its workforce.
Speaking of fintech, slice, another fintech company, has made an exciting announcement. They’ve merged with North East Small Finance Bank with the approval of the Reserve Bank of India. This merger is expected to create new opportunities and drive growth for both entities.
Moving on to the AI world, OpenAI’s CEO Sam Altman has made an investment in an AI startup founded by two Indian-origin teenagers. These young entrepreneurs, Aryan Sharma and Ayush Pathak, are making waves in the Silicon Valley. It’s awesome to see young talent getting recognition and support.
Let’s not forget about the investors who are making smart moves. Artha Venture Fund (AVF), an early-stage microVC based in Mumbai, has made a partial exit from fleet management company Everest Fleet. And guess what? They’ve recorded a massive 19x return on their investment. That’s a huge win for AVF and a testament to their investment strategies.
In the agritech space, DeHaat is making some impressive strides. This full-stack agritech platform has seen a 55% annual growth in revenue, reaching Rs 1,997 crore in the last fiscal year. Their focus on selling agricultural products has paid off, and they’re definitely a force to be reckoned with.
Finally, let’s talk about the gaming industry. WinZO, a homegrown vernacular social gaming platform, has expanded its reach to Brazil. This move comes in response to a massive 400% hike in GST, which has threatened gaming companies in the country. WinZO is taking the opportunity to enter new markets and diversify their business.
Overall, the fintech sector in India is booming. Funding has surged by 68% in the July-September period, making India the fourth-highest funded fintech startup ecosystem globally. It’s an exciting time for the industry, and we can expect to see even more innovation and growth in the coming months. Stay tuned, folks!