Musk's AI startup raises $6 billion🤑
Merry Christmas!, Razorpay grants Esops to over 3000 staff, Greaves Electric & Indiqube files DRHP for IPO, Funding Deals and more.
Good morning and welcome to Wednesday’s edition of Rise & Shine!
"Be stubborn about your goals, but flexible about your methods."
Today’s quote encourages us to stay steadfast in pursuing goals while embracing flexibility in achieving them. Success often lies in adaptability paired with determination.
Flexibility in approach combined with unwavering focus creates a winning formula.
✨🎅 Merry Christmas, Rise & Shine Fam!
Tech Updates
Elon Musk's AI startup xAI raises $6 billion in latest funding round
Billionaire tech mogul Elon Musk's startup xAI said it had raised $6 billion from investors in its latest funding round, as it battles stiff competition in the artificial intelligence market. The firm, whose flagship product is the Grok chatbot, garnered support from US venture capitalists, chipmakers NVIDIA and AMD, and investment funds from Saudi Arabia and Qatar among others.
Razorpay grants Esops to over 3,000 staff on 10th anniversary
Digital payments unicorn Razorpay announced on Tuesday that it was granting an employee stock ownership plan (Esop) worth Rs 1 lakh to all its current employees in celebration of its tenth anniversary. The Bengaluru-based company, which has a workforce of over 3,000, said the initiative represents a total Esop value exceeding Rs 30 crore.
Ampere's parent Greaves Electric files DRHP for Rs 1,000 Cr IPO
Greaves Electric, the parent of EV maker Ampere, has filed its draft red herring prospectus (DRHP) with the Securities Exchange Board of India (SEBI) for an initial public offering (IPO) on Monday. According to the DRHP, the firm proposes to raise funds through a fresh issue of equity shares aggregating up to Rs 1,000 crore (approximately $119 million) and an offer for sale (OFS) of up to 18.94 crore equity shares.
Coworking space firm Indiqube files draft papers for Rs 850 crore IPO
Bengaluru-based coworking space company Indiqube has filed a draft red herring prospectus (DRHP) for its Rs 850 crore initial public offering (IPO). The company will raise Rs 750 crore in fresh capital while its founders Rishi Das and Meghna Aggarwal will sell shares worth Rs 100 crore through the IPO's offer-for-sale (OFS) component.
Funding Deals
Enterprise fintech company Zaggle Prepaid Ocean Services has raised Rs 595 crore through a qualified institutional placement, with the state-owned Bank of India emerging as the largest buyer.
EPACK Prefab, a turnkey solution provider for pre-engineered building (PEB), pre-fabricated modular structures, and insulation products, has raised $20 million in its first funding round from GEF Capital Partners, a leading global private equity fund.
Enterprise SaaS fintech firm HostBookshas raised $5 million from Orange Orbit, with the first tranche of $2.5 million already disbursed. This investment is also a part of a larger $15 million Series B funding round.
Edtech entrepreneur Aakash Chaudhry's Sparkl Edventure has raised $4 million in seed fundraise from Nithin Kamath's RainmatterFoundation and Zomato's Deepinder Goyal.
Naxatra Labs has raised an undisclosed amount in a seed funding round led by GVFL, Delhivery founder Mohit Tandon, and Aspiring Minds founder Himanshu Aggarwal. The round also saw participation from Nithin Kamath’s Rainmatter Foundation, Paytm’s Vijay Shekhar Sharma, Ixigo co-founders Aloke Bajpai and Rajnish Kumar, and Ather Energy’s Narayan, among others.
🏛️ Short Story: The Resilient Architect
Leah, an aspiring architect, dreamed of designing eco-friendly buildings. Her initial plans to secure funding from traditional sources fell through, disheartening her.
Instead of abandoning her goal, Leah explored alternative methods, including crowdfunding and partnerships with like-minded organizations. By staying committed to her vision but flexible in her strategy, she achieved her dream and became a leader in sustainable architecture.
Tweet of the day🐥
Today, be firm in pursuing your goals but remain open to adjusting your methods.
Rise & Shine reminds you that adaptability and persistence are the keys to overcoming challenges and achieving success.
Have a determined and adaptable Wednesday!
Thanks for reading till the end!