Week in Review⚽ (May 27 - Jun 01)
Ready to explore the latest in tech? This Week in Review brings you a whirlwind of innovation and funding successes – your front-row seat to what's next! 🎉
Hey there, Rise & Shine fam!
Get ready for a journey through the latest tech wonders and funding victories.
Join us on this journey as we explore groundbreaking updates and celebrate our shared passion for growth and innovation.
Let's dive into the tech marvels that dominated the headlines:
Quick Recap of the Week
Google invests $350 Mn in Flipkart at $36 Bn valuation
Billionaire Mukesh Ambani sets sight on Africa with new telecom venture in Ghana
Elon Musk's xAI raises $6 billion in Series B funding round
Adani Group to enter UPI, digital payment, credit card business to compete Google and Reliance: Report
Bluestone may turn unicorn in pre-IPO funding round
Mygate enters insurance distribution business, partners with Acko
Awfis Space Solutions share price makes a positive debut, stock opens with 13.5% premium at ₹435 apiece on NSE
PwC to become OpenAI's largest enterprise customer
Jio Financial Services launches app to take on its fintech rivals
Agnikul carries out successful sub-orbital test flight of Agnibaan rocket
Oyo posts maiden annual net profit of Rs 100 crore in FY24
Let’s move on to the top funding deals from the week.
Funding Deals
Construction materials provider Infra.Market has raised $50 million at a valuation of $2.5 billion in a funding round (including debt) from Mars Unicorn Fund, a joint venture of Liquidity Group and Mitsubishi UFJ Financial Group.
Electric scooter maker Ather Energy has raised Rs 286 crore or $34.5 million through debt and equity. Stride Ventures invested Rs 200 crore via debentures while co-founders of the company Tarun Sanjay Mehta and Swapnil Babanlal Jain pumped in Rs 43.28 crore each.
Commercial electric vehicle manufacturer Euler Motors has raised Rs 200 crore ($24 million) more in Series C round led by new investor Piramal Alternatives India Access Fund.
Performance wear brand TechnoSport has raised Rs 175 crore ($21 million) from A91 Partners.
Fast fashion omnichannel ethnic wear brand Libas has raised Rs 150 crore ($18 million) by IAF Series 5, a fund managed by ICICI Venture.
B2B delivery and shared mobility startup Zypp Electric has secured Rs 116 crore ($14 million) in its Series C round from Japan-based petroleum firm, ENEOS Oil & Energy Asia.
Cloud kitchen brand Rebel Foods has raised Rs 110 crore ($13.2 million) in debt from Alteria and InnoVen Capital.
Dvara Kshetriya Gramin Financials, an NBFC operating in remote rural parts of India, has raised debt of $10 million from BlueOrchard Microfinance Fund.
Dairy brand Country Delight has raised Rs 76 crore ($9 million) through debt and equity from Alteria Capital.
High Street Essentials (HSE), the parent company of women’s fashion brands Indya and FabAlley, has raised Rs 50 crore ($6 million) in equity and debt round led by Sangita Jindal, Chairperson of JSW Foundation.
Commercial electric vehicle (EV) distribution and financing Turno has raised Rs 46 crore ($5.5 million) from British International Investment, Quona Accion, Stellaris Ventures, and B Capital.
Business-to-business (B2B)-focused fintech startup Vegapay has raised $5.5 million in an equity funding round led by Elevation Capital, with participation from existing investor Eximius Ventures.
Wealth management platform Wealthy has raised Rs 45 crore ($5.4 million) in a new round led by Falcon Edge’s Alpha Wave Incubation Fund.
Difacto Robotics and Automation has secured Rs 40 crore (about $4.8 million) from private equity firm Stakeboat Capital.
AI-enabled mixed reality (MR) publishing platform Flam has raised Rs 38 crore ($4.5 million) in its pre-Series A round from Turbostart, Twin Ventures, Alphatron Capital, and angel investors, along with several family offices.
As we wrap up this edition, let's reaffirm our commitment to positivity, resilience, and seizing every opportunity that comes our way.
In the vast canvas of the tech world, let's pick up our brushes and paint a masterpiece of optimism and innovation together.
Here's to Rising & Shining Together! 💡
