Microsoft AI Innovate will help Indian start-ups🤖

Good Glamm continues its acquisition spree with ScoopWhoop, Stripe to acquire Recko in first Indian acquisition, Funding Deals & more.

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Oct 21, 2021

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Microsoft has launched a new initiative in India to support AI startups🆕

Microsoft has established Microsoft AI Innovate, a programme aimed at nurturing and expanding Artificial Intelligence-based startups (AI). Microsoft AI Innovate is a 10-week programme that will assist start-ups in India use AI technologies to scale their operations, promote innovation, and gain industry experience.

Both B2B and B2C startups from various industries, including financial services, healthcare, education, agriculture, space, manufacturing and logistics, retail, and e-commerce can participate in the quarterly cohorts of this programme.

The launch cohort will begin in November 2021, with support from TiE Mumbai. The first cohort will concentrate on manufacturing and logistics, while the second will concentrate on financial technology.

Good Glamm Group acquires media & lifestyle content platform ScoopWhoop🎥

Good Glamm Group, the parent company of direct-to-consumer (D2C) beauty and personal care brand MyGlamm, has acquired new-age media startup ScoopWhoop Media in an all-cash deal, said sources with direct knowledge of the transaction.

Darpan Sanghvi, Founder & CEO, Good Glamm Group, and Sattvik Mishra (right), Founder, ScoopWhoop

Good Glamm Group cofounder and CEO Darpan Sanghvi said the company will join the men's grooming industry with the acquisition and plans to invest Rs 500 crore over the next two years.

The ScoopWhoop was founded in 2013 by Sattvik Mishra, Rishi Pratim Mukherjee, and Sriparna Tikekar. Kalaari Capital invested $4 million in the company in 2015.

Eyewear brand ClearDekho on Wednesday said it has raised $4 million in pre-Series A funding led by Aroa Ventures which happens to be the family office of Oyo founder Ritesh Agarwal.
Electric vehicle energy infrastructure firm Sun Mobility on Wednesday said it has closed $50 million (nearly Rs 370 crore) funding by Vitol, a global independent energy trader and investor in zero-emission and renewable energy assets.
RevFin, a Delhi-based digital e-mobility consumer lending platform underwriting financially excluded and underserved segments, has recently raised $4 million in pre-Series A funding round in both equity and debt.

Stripe acquires Bengaluru-based payments software firm Recko🤑

Stripe, one of the world's most valued fintech companies, on Wednesday said that it has acquired Bengaluru-based provider of payments reconciliation software Recko, marking its first acquisition in India.

Payments processing startup, Stripe is the highest valued venture-backed private company in the US and was recently valued at $95 billion in April this year, after closing its $600 million raise. (REUTERS)

Stripe would be able to expand its services in India beyond payment and billing collection for merchants as a result of the acquisition. Stripe will be able to automate collections, simplify reconciliations, manage complex accounting of financial records, and export reconciliation tolls to businesses.

In March, Stripe, currently valued at $95 billion, had raised $600 million. At the time of the fundraise, Stripe said that it would soon start offering its payments services to merchants in India.