The week that was: Indian Startup News Overview (3 March-8 March)
Indian startups performed excellent this week, with massive investments and acquisitions taking place all over the world to towards raising millions and billions of dollars in the industry. They not only astounded us with their new inventions and products, but they also provided us with solutions for how to use technology in the palm of our hands.This demonstrates that there are many top startups in India as a result of the presence of venture capitalists, the strength of entrepreneurship in the country, and the fact that the Indian economy is rapidly growing, providing a great foundation for Indian startups to thrive. This week, we recognised some startups that not only solved problems and provided appropriate solutions, but also keep us up to date on the latest technologies possible. This startup list includes information on their capitalization, mergers, investment activities, and acquisitions.
The early-stage investor, which has backed startups such as Swiggy, Paytm, Urban Company, and Meesho, has closed its eighth India-focused fund at $670 million, the largest corpus in the firm's history.This comes as signs of a funding slowdown and broader macroeconomic headwinds weighing on global technology investments and valuations.The firm raised $400 million as part of its India-focused Fund VII in October 2020, coinciding with an unprecedented surge in funding for Indian startups.However, as the pace of funding slows, Elevation plans to deploy the new capital over a three-year period.This is in contrast to the previous fund, which was distributed to more than 30 startups last year.
Raise Financial Services
Raise Financial Services, based in Mumbai, has entered into a definitive agreement to acquire Surat-based online learning startup Valuationary in a cash and stock transaction, according to a prepared statement. Valuationary, along with its 15-member team, including the founders, will join and operate from Raise Financial's headquarters in Mumbai following the acquisition. Valuationary, founded in 2020 by Pratik Bajaj, Kunal Shah, and Mahip Gupta, is an online learning platform that assists young professionals in the financial sector in upskilling themselves. The startup offers upskilling opportunities through its courses and live sessions, in which it attempts to simplify financial news and information. Raise hopes that by acquiring Valuationary, it will be able to strengthen its investment and wealth stack by allowing investors and traders to learn about markets through Valuationary's courses.
Vianai System, the human-centered AI platform and products company founded by Indian American Vishal Sikka, announced in a news release that it has expanded its leadership team, naming Dr Navin Budhiraja as chief technology officer and Dean Germeyer as chief revenue officer. The team's newly appointed members also included Shabana Khan, who was named head of marketing, and Pradeep Panicker, who was named finance director.I am delighted to welcome Navin, Dean, Shabana, and Pradeep to Vian to join our already outstanding leadership team, said Vianai Systems founder-cum-CEO Sikka. He went on to say that all of them bring deep enterprise expertise in delivering innovations, an unwavering focus on customer success, and a profoundly empathetic, learning-led way of working and building organisations.
Tata Digital on Thursday launched Tata Neu, a super-app that offers a plethora of products and services, as well as a rewards experience, on a single platform. This is Tata Digital's first offering, and it focuses on grocery, fashion, electronics, travel and hospitality, health and fitness, entertainment, and financial services."In the consumer context, the Tata Group is focused on transforming businesses for the digital world and bringing them together into a unified platform that offers an omnichannel experience," said N. Chandrasekaran, Chairman, Tata Sons."At Tata Neu, we are committed to making Indian consumers' lives easier." "The power of choice, a seamless experience, and loyalty will be central to Tata Neu, delivering a powerful 'One Tata' experience to Indian consumers," he added. According to Pratik Pal, CEO of Tata Digital, the app has 120 million users, 2,500 offline stores, and an 80 million app footprint across the group's digital assets.
On Wednesday, the microblogging and social media app Koo introduced a voluntary self-verification feature that will allow users to self-verify their profile on the platform by using a government-issued ID card.The new feature allows users to validate the authenticity of their accounts on the platform, lending credibility to the thoughts and opinions they share. The visibility of genuine voices is increased by voluntary self-verification.A visible indicator in the form of a green tick will identify a self-verified account. Users must enter their government-issued ID number, enter the OTP, and upon successful authentication, they will be self-verified with a green tick in their profile.
MuskMelon is the newest addition to the world of NFTs and Gaming, with a glimpse of its meaningful contributions to society. The platform appears to have been launched in support of Elon Musk, as evidenced by the platform's landing page, which depicts Mr Musk in various avatars. At first glance, the project appears to be extremely exciting, as it creates an environment of interaction with SpaceX's founder, with a little more involved NFTs revolving around his life.
Melon is the native currency, and it can be used to purchase NFTs, In-Game items, and even contribute to the Ukraine Relief Fund. The project has an intriguing storyline that describes MuskMelon, which was created by a MultiBillionaire and Influencer who is currently on a rampage in the Economic and Emerging Technology Landscape. Melon has enraged many people with his erratic behaviour, fickle attitude, and unrealistic plans. People from all over are now plotting Melon's demise. Melon has created mini melons and dispersed himself across various universes. People would be able to create their own Avatars of Melons from all over the world and space, and even put them up for auction, bid, or sale on the NFT Marketplace.