Start-Ups

AI based startup Alhonomy plans to acquire Linear Squared Algonomy, a software company specialising in artificial intelligence and algorithmic decisioning, intends to acquire Linear Squared, a Sri Lankan cloud-based technology company specialised in demand planning and forecasting products. Linear Squared develops software-as-a-service solutions for consumer packaged goods, retail, financial services, telecommunications, and other industries using AI and machine learning. For Algonomy, which has Walmart Canada, Comcst, Flipkart and Pizza Hut among its clients, Linear Squared’s demand-forecast platform “sits right in the middle” of its technology products, the Bengaluru-based company’s founder,…

udChalo, a consumer technology company that only serves India’s armed forces and their dependents, has acquired Pune-based data analytics firm Dimentrix in order to accelerate its growth through AI/ML-driven data insights. “Dimentrix will bolster our agility, adaptability backed with data science to make informed decisions. This acquisition will strengthen our goal of using data and insights to provide better and more relevant products and services to our customers,” udChalo CEO Ravi Kumar said. “This will catapult our capabilities across the board and reinforce cyber resilience in the organisation.” DeepInsight, a…

Delhivery, an IPO-ready logistics firm, has invested in Falcon Autotech, a Noida-based manufacturer of warehousing automation products. According to sources close to the deal, the investment will likely range between $20 million and $30 million. However, Delhivery declined to comment on the transaction’s specifics. Falcon Autotech provides intralogistics automation solutions, sortation systems, and other logistics and warehousing services. Delhivery said the deal is in line with its strategy to invest in “future-ready” hardware solutions in its operations. The Gurugram-headquartered company had earlier acquired Spoton Logistics to strengthen its business-to-business (B2B)…

Exotel, a Bengaluru-based company that runs a full-stack customer engagement platform, has raised $40 million (Rs 298 crore) in a Series D funding round led by London-based Steadview Capital. The funding announcement comes three months after Sistema Asia Capital, IIFL, CX Partners, Blume Ventures, A91, and Singularity Growth Opportunities Fund raised $35 million from a group of investors that included Sistema Asia Capital, IIFL, CX Partners, Blume Ventures, A91, and Singularity Growth Opportunities Fund. Exotel will use this round of funding to invest more in the Middle East and Southeast…

Business-to-business (B2B) ecommerce startup Udaan has closed a $200 million debt financing round through convertible notes from five new investors .According to an internal company note sent by its chief financial officer (CFO), Aditya Pande. According to sources familiar with the matter, Tor Investment, Arena Investors, and M&G Investments are among the new investors who have participated in this round. The decision to raise debt through convertible notes appears significant for Udaan, which has stated that it plans to go public within the next 18-24 months. These investors will be…

Ninjacart, a business-to-business agricultural produce marketplace, announced on Tuesday that it has implemented a 100 crore (approximately $13.4 million) employee stock ownership plan (Esop). Current and former employees who have vested ESPPs as of December 2021 are eligible to sell all of their ESPPs. The move is intended to assist the startup in attracting and retaining good talent, as well as to strengthen the company’s vision of developing technology and infrastructure for farmers, resellers, retailers, consumers, and supply chain participants. Ninjacart’s second Esop buyback, the first of which occurred in…

Zupee, a real-money gaming platform, announced on Wednesday that it has partnered with Jio Platforms Ltd and completed its Series B funding round for $102 million (760 crore), valuing the startup at $600 million. According to Dilsher Singh, Founder and CEO of Zupee, the strategic partnership with Jio does not involve equity investment and is based on a revenue-sharing agreement. “The partnership is a win-win for both parties. Jio gets access to the entire repertoire of our games and we get access to the Jio users. That gives us the…

Mayor’s Office of London has appointed local gaming startup Microgravity to establish an augmented and virtual reality (AR/VR) gaming arena in the city. The deal is expected to be finalised within the next two weeks, according to Rahul Bhattacharya, managing director of Microgravity, in a recent interview. “We have received an expression of interest from a London-based fund to set up a gaming hub similar to our offering in Gurugram, Haryana — in London. We are raising £1.5 million with a London-based real estate investment trust (REIT) for this project.”…

Pine Labs Pvt Ltd, a payment solutions provider aiming for a US listing, announced on Tuesday that it has raised an additional $20 million (approximately Rs 150 crore) in new investment from the State Bank of India (SBI). Pine Labs stated that the new funds will be used to scale Plural, its newly launched brand of online payment products, with the goal of becoming merchants’ preferred omnichannel partner. We are thrilled to have the largest bank of India, the State Bank of India, place their trust in us and welcome…

The COVID-19 pandemic caused chaos on the supply chain ecosystem, wreaking havoc on micro, small, and medium-sized enterprises (MSMEs) and leaving them struggling to survive and build capital. Moglix, a Noida-based business-to-business (B2B) industrial goods ecommerce marketplace, saw the need for a financing platform at this time and launched Credlix. It is a digital supply chain financing platform that provides immediate collateral-free working capital solutions to the entire supply chain. “Unless MSMEs got paid, how would they produce goods to supply? Dwelling on this, we reached the point of realisation…