Vision and Strategic Partnerships of Nurix AI

Nurix AI is primarily interested in offering AI-based customer communication tools. The kind of AI it seeks to incorporate into companies and organizations is to become functional agents within enterprises, boosting the effectiveness of their communication with an enterprise’s customers. Bansal believes that in the not-too-distant future, advanced intelligent agents supported by the human knowledge base will perform a great portion of work, generating unheard-of levels of efficiency and an increase in product quality.

Nurix AI intends to forge strategic collaborations with AI hardware and product makers. These partnerships help the company aim at the implementation of state-of-the-art AI technologies into the solutions, offering a competitive advantage in the market. Moreover, for Nurix AI, the improvement of the firm’s research & development functions will be vital so that its solutions remain cutting-edge in the field of AI. 

Funding Details

The $27.5 million raised shall play a critical role in accelerating the operations of Nurix AI. The collected funds will be utilized for the company’s improvement of its technological portfolio, strengthening research and development, and for the development of strategic collaborations with AI hardware and product providers. The strategic investment has been informed by the growing demand for artificial intelligence solutions across Asia & North America markets and its ability to address this space squarely will be strategic for Nurix AI.

Mukesh Bansal said, “At Nurix, we envision a future where AI agents, guided by human expertise, handle a significant portion of tasks, driving unprecedented gains in productivity and quality.” 

Quotation Source: VC Circle  

Entrepreneurial Journey of Mukesh Bansal

Mukesh Bansal co-founded Myntra in the same year and will be one of India’s most popular fashion e-tailers. Mukesh Bansal in 2014 managed to sell Myntra to his biggest rival Flipkart. Later, he started Curefit, a fitness services firm in 2021. It was renamed Cult.fit after receiving funding from Tata Digital. Mukesh Bansal was also the President of Tata Digital before he started his two-year sabbatical from the company in 2023.

Market Potential and Unique Approach

The overall AI market is rapidly growing and enterprises are choosing AI solutions more frequently to improve customer productivity and interaction. The market research shows that the AI market is projected to grow at a CAGR of 42.2% within the years 2020 to 2027. This growth of improvements in AI technology, growing investment, and the ever-growing need for AI solutions in various organizations.

Nurix AI has the opportunity to stand out as the company offering customer experience services enhanced by artificial intelligence, yet implemented jointly with human contributors. The first service offering is in the BPO sector and the company aims at helping enterprises have highly involved and productive conversations with their customers. With AI integration Nurix AI hopes to minimize the time and energy that customers have to spend interacting with the AI itself. 

Conclusion

The new startup founded by Mukesh Bansal, Nurix AI, will be the next major player in AI and customer engagement. After receiving $27.5 million in funding from Accel and General Catalyst, the firm is prepared for increased expansion of operations to meet demand. With the growth and development of Nurix AI, the field of customer interaction with companies through artificial intelligence will be influenced.

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Funding Details

Atlys’s Series B round of $20 million is a major achievement, occurring only a year after its previous funding round of $12 million, led by both Elevation Capital and Peak XV Partners. This ongoing investment cycle underscores investors’ solid belief in Atlys’ ambition and trajectory for growth. The financial resources will be put to use to enhance the company’s expansion strategy both within India and internationally, as well as to explore potential revenue streams connected to forex and insurance initiatives. 

As the company moves forward, it intends to attract elite talent primarily in product, engineering, and marketing to lead its expansion projects. Atlys will concentrate on broadening its range to encompass forex and insurance services, delivering a complete set of travel-related services to its users. 

Meeting the evolving needs of travelers

Atlys has seen remarkable expansion since its launch, with a 20 times growth in the number of users over the past year. The platform has grown its presence in important global markets such as the United States, the Arabian Union Emirate, and the United Kingdom. The growth of this sector is encouraged by the increasing need for efficient and seamless solutions for visa processing, particularly in India where activity in international tourism is growing.

The travel needs of today’s travelers are what Atlys focuses on primarily. The platform seeks to minimize the time and energy needed for visa applications, affording users a precise timeline for visa arrival and significantly speeding up processing timelines. The innovative solution offered by Atlys has found a connection with travelers, especially from Tier 2 and Tier 3 cities in India, which have seen a notable increase in outbound travel. 

The CEO of Atlys, Mohak Nahta said, “Since our last funding round we have grown 20X, we will be using funds from this round to continue our expansion strategy both in India and international markets. This will cross-selling opportunities as part of diversification strategy but our focus continues to be on visa processing. Our core focus remains on meeting the growing needs of travelers, particularly in India, where international tourism is booming.

A significant portion of this growth came from Tier 2 and Tier 3 cities, which contributed to 43 percent of the country’s outbound travel, reflecting a broader shift beyond metro-driven demand. More than 65 percent of growth is organic, no component of payment or cost there. India as a market is booming and we will continue to focus on that.” 

Quotation Source: MoneyControl  

Conclusion

The successful Series B funding round for Atlys proves the effectiveness of its innovative strategy and the rising need for efficient solutions for visa processing. Atlys is poised to maintain its growth and meet the evolving needs of modern travelers. Atlys’ dedication to simplifying the visa application process will undoubtedly be a key factor in shaping the future of international travel. 

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Enhancement and Aim of Newzo

Newzo, created by Grow India Martech Pvt Ltd, is the country’s first-of-its-kind news-sharing mobile app designed to empower those who produce content and consumers through an innovative “Share and Earn” model. With the intent of democratizing content sharing, the app encourages users to earn rewards just for interacting with the news. This one-of-a-kind strategy rewards users for staying informed and supplies content creators with a platform to reach a broader audience. 

In addition to Concept PR, Newzo has the specialized knowledge of the Konsole Group, a leading PR agency situated in Central India that has been operating for over 15 years in the areas of public relations, advertising, branding, and marketing. Involvement by The Konsole Group ensures that Newzo is enriched by a broad understanding of industry knowledge and best practices, increasing its chances for success. 

“Share and Earn” Model

The core of Newzo’s success is the “Share and Earn” model, which actively prompts users to engage in content sharing. Earning rewards for sharing news articles within their networks makes blockchain journalism an appealing avenue for individuals seeking part-time income, namely nano-influencers. This approach capitalizes on the energy of social sharing, allowing content creators to leverage a motivated user network that shares content for incentives, thereby increasing natural growth and extending reach. This direction not only strengthens visibility but also guarantees that content is seen by a highly involved audience, enhancing the effectiveness of each piece of shared content. 

Seed Funding from Concept PR

The seed funding received from Concept PR seems to be a huge achievement for Newzo. Furthermore, it is not only financing Newzo but also offering strategic support for the core team to help it flourish and succeed within the highly competitive field of mobile applications. Overall, this partnership combines Concept PR’s professional expertise in public relations, advertisement, branding, and marketing with Newzo’s way of sharing content. Concept PR’s involvement in Newzo is to help the platform grow faster as it provides the needed resources and knowledge to grow the platform and expand the customer base. The strategic partnership puts Newzo in a placement in the content-sharing and news-sharing company. 

Empowerment for Content Creators and Users

For content creators, Newzo is the chance to promote the created content to a highly interested audience and attract traffic to the content. The “Share and Earn” approach, allows the applications to be economically strong while allowing authors to spread their work and build engagement. Opportunities: For users, Newzo allows getting rewards while sharing news content in their existing profile or other social networks. They encourage users to be more informed and offer a means of gaining more income, if for a limited amount of time, specifically for nano and small influencers, and those seeking some extra earnings. 

Conclusion

The seed funding by Newzo from Concept PR Mumbai, the content-sharing app is poised to change the face of social sharing. Newzo has adopted the “Share and Earn” model, proper partnerships, and appropriate targeting of both content providers and consumers in India, which will eventually revolutionize the current media market. 

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G6 Hospitality is a parent company of Motel 6 and offers hotels and transportation services. The Studio 6 and Motel 6 brands were acquired by Blackstone for $1.9 billion from the French hotel company, Accor in 2012.  The Motel6 operates over 1,450 hotels across Canada and the US. Studio 6 claims to have around 200 properties.

The deal is expected to close by the last quarter of 2024 after the hospitality major acquire the firm from Blackstone Real Estate.  The agreement includes both the subsidiaries Motel 6 and Studio 6. The startup already has a strong market presence in the hospitality sector and it expects to close the deal in the last quarter of this year. The company focuses on merging businesses and bringing their technologies, clients, and solutions together.

The acquisition will help Oyo enhance its capability by integrating G6 hospitality’s clients, network, and strategy. Oyo is an online booking platform that allows users to register for transportation or accommodation in various locations. The hospitality startup secured around 3.41 billion USD across nineteen funding rounds since its inception, including $175 million raised from InCred Wealth and others during its series G funding round. The company also plans to refile its draft IPO paper. After this deal, the companies will have increased resources and a larger workforce. OYO competes with other companies in the same segment such as Treebo, and RedDoorz.

Entrackr reported that Motel 6’s franchise network generated around 1.7 billion annual gross revenue.  Oyo launched around 100 properties in the US last year. The firm aims to add 250 more in the ongoing calendar year. Oyo reported a 1.4 percent decrease in operational revenue to Rs 5,389 crore in FY24. However, the profit after tax was around Rs 239 crore in the same duration. The company plans to maintain its profits by minimizing its employee benefits. Oyo acquired G6 Hospitality to strengthen its position in the hospitality sector while offering innovative solutions. 

Conclusion :

Oyo announced its plans to acquire the operator of Motel6 and Studio6, G6 hospitality for $525 million through an all-cash transaction deal. The acquisition was a part of the firm’s plan to strengthen its presence in the hospitality sector. This investment is an initiative to merge the companies to introduce more innovative hospitality solutions.

The hospitality major focuses on expanding its services. This acquisition will enable Oyo to enter the European hospitality market and enhance its services. The development came just after OYO closed its $175 million funding round from Incred and other investors. Oyo has made various acquisitions in the last few years to expand its business in the US and Canadian markets. 

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The company aims for inorganic expansion, improving its content, and entering the K-12 market segment while merging with community-based education platforms. This will be the third funding round for this startup in the past two years. This edtech startup previously secured 150 million USD in its fresh funding round from GSV Ventures and Westbridge.

After this round, the company reported a 2.5 times increase in its valuation to $2.8 billion. The startup data intelligence platform, the kredible mentioned that WestBridge holds the largest external stake with 2.4 percent followed by GSV ventures with 1.44 percent, and the two co-founders account for the remaining 86.54 percent stake of the company.

Physics Wallah provides an online platform offering coaching services for IIT/JEE, data science, Management, Law, and Technology related fields. The company also has offline educational institutes, schools, colleges, and upskilling programs for students across India. The startup claims to have offered education to over 46 million students through its 112 YouTube channels in five languages. The company reported the app was downloaded 30 million times with 5.5 million paid students. The online teaching platform offered by the start-up uses advanced technology to provide the best learning experience. The edtech firm aims to expand its offline brand presence in multiple cities across India.

The Edtech startup posted a 3.3 times increase in its revenue to Rs 779 crore in FY23. However, the profit saw 90 percent decrease to Rs 8.87 crore in the same duration. The company expects revenue of around Rs 2,000 crore for FY24. The development came just after the edtech startups saw increased investor interest. The data from thekredible mentioned that the startups in this sector have raised around $160 million across 27 deals till now from the start of this year.  The edtech sector posted overall funding of 456 million USD in 2023. Physic Wallah faces competition with other online coaching platforms such as Byjus, GoStudent, and Vedantu.

Conclusion :

Edtech startup Physics Wallah secured 210 million USD in its series B funding round from Hornbill Capital with the participation of GSV, WestBridge, and Lightspeed Venture Partners. The startup plans to use these fresh proceeds to scale its operations, enter into the K-12 segment, expand its network, and increase its customer base.

This will be the third round of investment of this Noida-based startup in the last two years. Before this round, WestBridge was the largest stakeholder of the firm with a 2.4 percent stake while the co-founders accounted for 86.54 percent of the company. Following this round, the startup reported a valuation of $2.8 billion.

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Image Source: Fintech Global  

Funding Details 

The $21 million investment is significant for Onsurity as the business aims to grow, expand and diversify its services. This round comes after they raised $24 million in October 2023 from other investors like International Finance Corporation, Nexus Venture Partners, and Quona Capital among others.

The last funding round not only gives the company the required money for expansion but also important skills and connections with related partners. This will be important especially for companies like Onsurity as it continues to try to diversify its product portfolio, optimize customer satisfaction, and grow its customer base. 

Vision and Mission of Onsurity

Onsurity is an Indian home healthcare startup that was established in 2020 by Yogesh Agarwal and Kulin Shah. Onsurity has the goal to fill the existing gap and provide proper healthcare insurance solutions to SMEs in India. The company provides a spectrum of digital healthcare and insurance services catering to the SME niche market. These services will include hospitalization coverage, at-home care, and pre and post-hospitalization services.

MyGlamm, Magicpin, DBS, and Naturals are some of the clients that Onsurity has clinched already. In today’s world, the startup offers medical insurance and perks to the employees of over 8,000 companies established across 26 states and 3 union territories in India.

Image Source: Onsurity  

Expansion of Onsurity’s Client Base

Onsurity plans to venture into the release of other related digital products to complement the capital which is to be aimed at SMEs. The intended goals include strengthening the technological framework, optimizing the claims management experience of customers, and creating fresh green-field digital solutions. This funding will also help in the growth of Onsurity’s clientele team where the organization has a projected 50,000 companies it aims to achieve by the end of 2026. 

Rapid Growth of the Insurtech Sector

Onsurity’s success story detected the role of insurtech in changing the core insurance industry. Through the help of technology, insurtech such as in the case of Onsurity can deliver better products, services and at cheaper prices to its clients.

The outbreak of COVID-19 has further increased the use of new forms of insurance, mainly due to advances in technology and changing consumer needs for remote and more adequate solutions. The fact that Onsurity is targeting SMEs, a space that has traditionally not benefited from the services offered by traditional insurers, places the company in good stead to benefit from this demand.

Conclusion

The funding round of $21 million brought success to Onsurity’s mission to transform SME’s healthcare and insurance services in India. Fully packed with the company vision and supported by top-notch investors, Onsurity is on its way to revolutionizing the field of insurtech and contributing to the growth of SMEs throughout the country. 

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_image source : https://infra.market/

The board has approved a resolution to allot 7,028 series E2 preference shares at an issue price of Rs 213438.7 per share to raise 18 million USD. According to the company filing, the startup plans to use these fresh proceeds for market expansion, and working capital purposes. The company manufactures construction materials along with technical equipment, and infrastructure goods.

The company focuses on growing the construction material market and infrastructure sector. The startup has secured around $540 million across multiple funding rounds since its inception, including 22.1 million raised from Yubi, Vivirti Capital, and Samunnati during the conventional debt round. This investment shows investor’s trust in Infra Market’s market potential and business model.

The startup also provides cloud manufacturing, equipment banking, and generating invoice services to its users. The startup data intelligence platform, thekredible mentioned that the existing investor Tiger Global remains the largest stakeholder in the firm with 21.33 percent. Accel accounts for 16.87 percent of the total stake followed by Nexus Ventures with 8.46 percent of the firm’s stake. The data intelligence platform, thekredible mentioned the company’s post-allotment valuation to be around 2.6 billion USD. The development came just after the company raised Rs 75 crore from Innoven Capital in its debt funding round. 

The new funding round is expected to be a part of Infra Market’s $150 to $200 million pre-IPO round. The B2B e-commerce platform reported an 89 percent increase in its gross revenue to Rs 11,846 crore in FY23. However, the profit decreased by 17 percent and stood at Rs 155 crore in the same period. The company intends this fund to strengthen its platform, make it more secure, and expand its market presence in India. The construction material manufacturing company competes with OfBusiness, MetalBook, Moglix, and more. The Infra Market aims to transform the construction and infrastructure market globally. 

Conclusion :

Infra Market is a Thane-based startup offering a construction material and service production platform. The startup got fresh capital of $27 million from Amit Vijaysinh and Barad Sanjay Amarsinh with the participation of other individual investors. The company plans to use this amount to scale its manufacturing units, hire teams for business development, expand to the market, and advance its technology.

Amit and Barad Sannjay led the round with Rs 45 crore followed by individual investors. After this round, Tiger Global holds the largest external stake with 21.33 percent. The company’s board approved the resolution to allot 7,028 series E2 preference shares at an issue price of Rs 213438.7 each to raise Rs 150 crore.

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Earlier this year, the e-commerce startup secured Rs 185 crore through non-convertible debentures in a debt funding round led by Online lending firm Yubi with the participation of Vivriti Capital and an agritech platform Samunnati. The investment enabled the firm to improve its performance capability and achieve its market expansion plans. This company also plans to use the fundraised from its existing investors to use it with the upcoming pre-IPO round and prepare for public listing. The source close to the deal told Inc42 that the company will have a valuation higher than $2.5 billion reported during 2021 fundraising. The firm is expected to file for the draft Initial Public Offering papers in December after the closing of its round. 

Aaditya Sharda and Souvik Sengupta founded the manufacturing firm in 2016 to provide construction materials using advanced technologies for the procurement process. The online platform gives consumers products including aggregate, ready-mix concrete, cement, and construction materials. The company has raised around 556 million USD across multiple funding rounds since its inception. The startup data intelligence, kredible mentioned that before this round the largest external stakeholder of the startup was Tiger Global followed by Accel and Nexus Ventures. Infra.market faces competition from companies including YouKraft, BuildSupply, and ArisIfra 

The unicorn reported a 90 percent increase in its operational revenue to Rs 11,846.5 crore in FY23. However, the net profit decreased by 17 percent to Rs 155.2 crore in the same duration. The construction material manufacturing company aims to revolutionize the supply chain market for these materials locally and globally. The e-commerce platform claims to offer its services across 16 states in India while exporting its materials globally to other countries such as Singapore, Dubai, Italy, and Jordan. The development came after the market saw a stable month for IPOs. Recently Swiggy and logistic major Ecom Express announced their plans for market debut.

Conclusion :

The construction material manufacturer Infra.Market plans to raise around $150 to $200 million at a higher valuation for its pre-IPO round. The company is expected to raise funds from its existing investor Tiger Global with the participation of Evolvence, Foundamental, and other new investors. The e-commerce platform offers construction materials and other services for construction purposes.

The company claims to supply its materials in India and the international market. The company has secured around $556 million since its inception, including $18 million raised during the debt funding round. Before this debt funding round Tiger Global was the largest institutional stakeholder of the startup with a 21.33 percent stake followed by Accel.

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Swiggy offers an online platform to discover new foods, and restaurants and get them delivered after filling user and payment details. This platform enables customers to find groceries and other essentials according to their requirements. The legal, business sourcing, marketing, hosting, and other expenses made the net loss stand out at Rs 2,350 crore. The total expenditure of the firm decreased compared to the last financial year. Swiggy entered the Deacron Club in June after securing funds in the equity funding round. The biggest competitor of Swiggy, Zomato reported a net profit of Rs 351 crore in FY24.

Entrackr mentioned in its report that the firm also earns its income through its quick commerce vertical Instramart. The company’s revenue for this financial year crossed Rs 5,476 crore in the first three quarters of this fiscal year with a loss of Rs 1,00 crore. The company has raised around $3.62 billion across all its equity and debt funding rounds since its inception. This includes $46.4 million secured during its funding round from the PR Venketrama Raja with the participation of other investors. The company claims to have 17 percent growth in its business to Rs 6,100 crore while Instamart reported a gross revenue of Rs 1,100 crore in FY24.

The food tech firm plans to improve its business model while controlling its losses by reducing its operating expenses and employee benefits. The data intelligence platform, tracxn mentioned that the company has around 57 institutional investors including Tecent, Norwest Venture Partner, and Prosus. Swiggy also filed its IPO papers in May to raise $450 million from a fresh issue of equity shares and an OFS of $800 million. The food and grocery delivery platform faces competition from other companies in the same sector such as Zomato, Blinkit, and Deliveroo. 

Conclusion :

The delivery service offering Food tech startup Swiggy announced a 3 percent increase in its revenue to Rs 11,247 crore in FY24. This company provides various services including ordering food and making reservation options via its online platform. The delivery services and reservations are the company’s major source of revenue. The losses also decreased by 44 percent to Rs 2,350 crore in FY24.

The company plans to control its expenses on operations and employee benefits to increase its profit and reduce its losses. The startup has secured over 3.62 billion USD across multiple funding rounds, including 46.4 million raised during the series K funding round. Swiggy competes with other companies in the same market segment including Zomato.

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Paytm mentioned in a BSE filing that the agreement to sell its business to Zomato was signed for $244 million. Zomato previously invested $48 million in its two subsidiaries including Blinkit and Zomato Entertainment. The deal includes 280 existing employees from Paytm’s two subsidiaries” Insider and Ticketnew. The fintech platform acquired TicketNew in 2018 for 4 million USD after acquiring Insider in 2017. Entrackr reported. The development came after Paytm started laying off its employees in large numbers. The fintech reported an overall revenue of Rs 297 crore with an adjusted EBITDA of Rs 29 crore in FY24.  The firm saw a stabilization in its revenue and merchant base metrics since April.

After this deal, Zomato will be able to scale up its operations and expand its services in the events business and will be able to take the movie business under its wing. The CEO of Zomato recently announced an investment of 12 million USD in the ticket and live event business with plans to solidify its position in the Indian Market. The ticketing business including sports, movies, and live event ticketing will operate in the Paytm app for a year during the transaction period. The transaction period is expected to last and close within this quarter. This acquisition is another step towards the business expansion of this food-tech company.

Paytm’s parent company One 97 Communications will transfer all its stake in its ticketing business and wholly-owned subsidiaries including Wasteland Entertainment and Orbgen Technologies to Zomato through slump sales. The CEO of Zomato, Deepinder Goyal mentioned that this investment will help the company to add more features and scale its services while offering more use cases to its customers. The food-tech and quick commerce platform plans to launch a new app called “District” to help consumers when they plan to go out. The share price of Zomato decreased by 13% to Rs 259.77 on the NSE yesterday.

Conclusion:

A food tech startup, Zomato acquired fintech startup Paytm’s ticketing and movie business for $244 million. The company plans to expand its business while introducing new use cases. The startup plans to use this deal to launch a new application called District to help customers while scaling up and expanding its operations in India. This food tech startup plans to enhance technology and get a larger customer base. Zomato made an investment of $48 million in its two subsidiaries. The deal includes a 100 percent stake in two subsidiaries of One 97 Entertainment. The ticketing business will operate in the Paytm app for 12 months during the transaction period.

Suraj Verma

Suraj Verma has a passion for keeping the Business world informed through comprehensive coverage of Trending News and Startup News. His storytelling ability shines through captivating Startup Stories, while his expertise in curating Listings and analyzing Case Studies drives impactful results.

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