Arthan Finance Raises $6 Million in Series B Round Led by Incofin India Progress Fund

Arthan Finance Raises $6 Million in Series B Round

Non-Banking Finance Company, Arthan Finance raised $6 million in its Series B round. The funding  round had the participation of various investors including The Michael & Susan Dell and Incofin India  Progress Fund. This angel investor-backed startup has raised 10 million USD to date. Michael & Susan  Dell is an existing investor of the firm and has been investing for a long time. 

The startup highlighted that this investment will also help the startup to grow its Assets Under  Management, expand its network, and invest in more advanced Artificial Intelligence and Machine  Learning-based underwriting systems. The founder and director of Arthan Finance, Kunal Mehta said  that this funding round was the crucial step for future growth of the startup. 

The company is committed to enhancing technical aspects while serving small and micro enterprises.  He added that this partnership with the help of Incofin and the Michale & Susan Dell will help them in  the mission to drive financial inclusion across the country. These fresh proceeds will be used for market  expansion, technological advancement, and R&D Manufacturing. The NBFC also offered a secured and  unsecured loan amount for micro, small, and enterprises in tier-I, and tier-II cities. The startup provides growth capital to small enterprises in backward towns and operates in Telangana, Andhra Pradesh,  Maharashtra, and Odisha.  

The startup claims to have provided a total loan amount of Rs 500 crore to more than 20k borrowers.  The loan amount offered varied from Rs 2,000 to Rs 20 lakh per person. Kunal Mehta said that the  growth capital from Piramal will be used for expanding the network and maintaining its position while  advancing its technical aspects. By sealing this investment, the company will have more advanced  technical skills, scale-up, and more innovative ideas. 

Conclusion: 

Arthan Finance is an NBFC company that has secured a $36 million fund in its series B round. The round  had an investment of $36 million from new and existing investors of the firm including Incofin India  Progress Fund and The Michael & Susan Dell. This Non-banking Finance company mentioned that this  investment will help them grow their AUM. The deal was done to help Arthan Finance grow further in  the market and strengthen its position. This angel investor-backed firm has raised a total of 10 million  USD to date.

The startup highlighted that this investment will also help the startup to grow its Assets  Under Management, expand its network, and invest in more advanced Artificial Intelligence and  Machine Learning-based underwriting systems. Kunal Mehta mentioned that this partnership with the  help of Incofin and the Michale & Susan Dell will help them in the mission to drive financial inclusion  across the country. The startup provides growth capital to small enterprises including tier- I and tier- II  cities. The startup has branches in Andhra Pradesh, Telangana, Maharashtra, and Odisha. This funding  amount will be used for market expansion and technological advancement of the company.

Union Textiles Ministry to Support 150 Technical Textile Startups with Rs 50 Lakh Each

Union Textiles Ministry to Support 150 Technical Textile Startups with Rs 50 Lakh Each

The Union textile ministry is planning to issue an order to provide up to Rs 50 lakh each to technical  textile related 150 startups. A person close to the development team told mint that the startups related to technical textile industry such as Spandex and Nomex will be benefited from this scheme.  In addition to this the ministry won’t take any profit share from the business. 

This funding programme is part of the Rs 375 crore allocation decided by the National Technical Textiles  Mission for FY25. Technical textiles are used in various sectors and plays an important role in sectors  including automobiles, aerospace, defence, construction, agriculture, and healthcare, among others. KPMG reported the Indian textile was worth of $21.95 billion in 2022 with production amount of  $19.49 billion. The Indian technical textile market increased by 8 to 10 percent per annum in past five  years. The government of India is aiming to accelerate this market by 20 percent in next five years.  

The global technical textile market is predicted to increase rapidly and reach $274 billion mark by 2027.  The technical textile sector is predicted to keep growing with a CAGR of 5.2 percent till 2027 due to its  increasing demand and rapid development of new products. National Technical Textile Mission was  launched in 2020 to make India a global leader in technical textile sector by innovating, promoting  research an using the technical textile in various sectors. The Indian government has been trying  different schemes to position India as a leader of technical textile industry. 

The PM MITRA parks programme was introduced to offer quality control regulation and developed  500+ standard to promote the sector. This new scheme to offer Rs 50 lakh is another step to strengthen  the Indian textile industry. The interested start-ups may need to deposit 10 percent of total allocated  fund in advance, a person told Mint. Same source mentioned that 10 startups are set to be approved  for next week and remaining startups will be selected in next months. India is already third largest  exporter of textile and now the Indian textile industry is predicted to reach $65 billion by FY26.

Conclusion: 

Union Textile Ministry will grant Rs 50 lakh each to 150 startups working in technical textile industry.  The startup related to technical textile industry such as Spandex and Nomex will be benefited from  this scheme and the ministry won’t take any profit share earned from the business. This step is taken  by the government to advance technical textile sector an strengthen India’s position in world map. This  funding programme is part of the Rs 375 crore allocation decided by the National Technical Textiles  Mission for FY25.

The government of India is aiming to accelerate this market by 20 percent in next  five years. The global technical textile market is predicted to increase rapidly and reach $274 billion  mark by 2027. This step taken by government will encourage many new technical textile startups to  take step and turn their concept into reality. This scheme was introduced after India negotiated free  trade agreements with other countries which will lower the import duties on manufactured goods.

Ixigo Raises $40M from Anchor Investors Ahead of IPO

Ixigo Raises $40M from Anchor Investors Ahead of IPO

Ixigo is a travel booking platform under Le Travenues Technology that has offered $40 million worth of  shares to anchor investors for Initial Public Offerings. The company planned to make its first  appearance on the stock market exchange on 10th June with a minimum of Rs 88 and a top-end price of Rs 93 for each with a minimum bid of 161 shares. 

The board at Ixigo has approved a resolution to allot 3,58,11,405 equity shares at an issue price of Rs 93 each to raise $40 million. The shares will be given to Achor Investors. These fresh proceeds will be  used to scale up operations, enhance its platform, and meet market needs. The series E round had the  participation of investors including Trifecta, Eight Road Ventures, Chirate, and Amara partners, and was  led by the Rise Fund with $16 million. The investment was made after the firm announced its pre-IPO  secondary exercise of $21 million. 

The pre-IPO secondary exercise made SAIF partners the biggest stakeholder of the company with a  20.52% stake followed by 13.81% of Peak XV and Micromax with 5.52 percent. The co-founders of Ixigo hold a 16.65% stake in the startup. HDFC, Nomura Fund, SBI, Morgan Stanley, Tata Investments, and  Bajaj Allianz are the key anchor investors in this IPO round. The regulatory filing shows that out of  3,58,11,405 equity shares that are allocated for anchor investors, 1,20,87,583 equity shares were given to four domestic mutual funds through 7 schemes.  

The startup focuses on becoming the most customer-centric OTA startup in the country by helping Indian travelers with better plans for their travel. The company is expected to open its Initial Public  Offering with a minimum of 161 lots for its retail investors. The startup reported growth in operating  revenue of Rs 491 crore this fiscal year with a sizable profit of Rs 65.7 crore. 

Conclusion: 

This Gurugram-based startup, Ixigo is a subsidiary of Le Travenues Technology. Ixigo provides traveling ease to its users by booking hotels, notifying flight delays, and providing flexible bookings. This travel  booking platform has offered $40 million worth of shares to anchor investors for Initial Public Offerings after closing its pre-IPO secondary exercise at $ 21 million. The series E round had the participation of investors including Eight Road Ventures, Trifecta, Chirate, and Amara partners, and was led by the Rise  

Fund with $16 million. The investment was made after the firm announced its pre-IPO secondary  exercise of $21 million. The regulatory filing shows that out of 3,58,11,405 equity shares that are  allocated for anchor investors, 1,20,87,583 equity shares were given to four domestic mutual funds  through 7 schemes. The company planned to make its first appearance on the stock market exchange  on 10th June with a minimum of Rs 88 and a top-end price of Rs 93 for each with a minimum bid of  161 shares. This funding amount will be used to scale up operations, enhance its platform, and meet  market needs.

Indian Startups Raised $97M This Week, Led by Fibe

Indian Startups Raised $97M This Week

Indian startups made 10 deals from 3rd June to 8th June. The amount raised from these deals was  nearly $97 million in funding this week. This week’s funding amount decreased by 22.6% compared to  last week’s $217.84 million across 31 deals. The decline in total fundraising came after the stock market  crash due to general elections, however Indian startups raised over $1 billion for the first time this year in May. 

The seed funding round has a decline this week as most early-stage startups had a loss due to a market  crash following the general elections. Traxcn data reported that mostly late-stage Indian startups raised  funds from 16 rounds. Meanwhile, the Pune-based lending startup, Fibe secured the highest funding  of $66 million in a series E funding round led by TPG’s Rise Fund and Kabira Holdings. The Rise fund  led the round with a $16 million investment followed by Kabira Holdings with a $15 million investment.  The startup raised $110 million in August last year for its series D round led by TPG’s The Rise Fund  and Northwest Venture Partners. 

The Eyewear retailer company, Lenskart also secured a total funding amount of $200 million in its  second fundraising round from Fidelity Management & Research Company and Temasek. After the  second fundraising round, this startup is valued at $5 billion. The company mentioned acquiring land  near Bengaluru airport to set up a new branch. Lenskart accounted for 61 percent of the overall  fundraise this week with $200 million. Other notable investment includes Fibe and EV startup, Ather  Energy which secured $34.5 million in a round led by Stride Ventures. 

Avail was also one of the top startups to secure a $43 million deal in its series A round led by Cyber  Fund and Founders Fund. AstroTalk, a B2C Astrotech startup contributed to the funding this week by  securing $9.5 million in its extended series A funding round led by Elev8 and Left Lane Capital. On a  weekly basis, Indian startups had an increment compared to last week’s $218 million. 

Conclusion: 

10 deals were made by Indian startups from 2nd June to 8th June securing over $97 million in funding.  Eyewear retailer startup Lenskart raised the second fundraising amount of $200 million from Fidelity  Management & Research Company and Temasek. Other notable investments include Ather Energy  which secured $34.5 million in a round led by Stride Ventures this week. Fibe is another e-commerce  startup that secured the highest fundraising with $66 million in a series E funding round led by TPG’s  Rise Fund and Kabira Holdings.

The decline in total fundraising came after the general elections, where  Indian startups raised over $1 billion for the first time this year. Primary fundraising had a decline but  the week had a gain in secondary fundraising. Fundraising of $200 million by Lenskart had a huge  contribution to the total secondary fundraising as it accounted for 61 percent of the overall fundraising  this week. Avail was also one of the top startups to secure a $43 million deal in its series A round led  by Cyber Fund and Founders Fund followed by Astrotalk with $9.5 million from Elev8 and Left Lane.

Indian Startup Ecosystem Sees Stability as Markets Gain 3% Post Political Clarity

Indian Startup Ecosystem Sees Stability as Markets Gain 3%

The Indian stock markets crashed on Tuesday following the general elections leading to a price crash  in the Indian startup ecosystem. The BSE Sensex dropped by 5.80% after the general election results  showed that the BJP had to depend on allies to form a government. But the stock market is now back  with a gain of 3 percent followed by the news of PM Narendra Modi’s return for a third term. 

Indian startups saw gains on Friday after the stock market gained a 3.36 percent increase. The BSE  Sensex increased and reached 76,795.31. The Sensex increased by 3.69 percent on Friday and closed  at 76,693.36 while Nifty increased by 3.37 percent. The losses faced in the stock market were almost  recovered in three trading sessions, at Rs 28 lakh crore. Delhivery, a platform that helps an individual  connect over services to track their package across India reported a loss of 6.26 percent last week  following the elections. This is the largest fully integrated logistic provider in India that offers top-class services to its clients and customers.  

The stock prices for all the Indian startups fell into the negative zone last week, they are said to be  recovering following this gain in the market on Friday. The future and impact of the Indian startup  ecosystem will again change following the new government. Many Indian startups got accessto various  government policies to help startups and went unicorn this year. Awis is one of those startups that  went public this year and recorded a gain in the stock market.  

128 deals were made last month generating the highest funding influx for this year so far. This year  many startups including Ola Electric, Mobikwok, and FirstCry are planning to debut on the stock market  exchange. Indian startups had the highest investment for 2024 in May, with the highest total funding this year of $1 billion. 

Conclusion: 

Following the election results Indian startup ecosystem saw a huge decline in its stock but the market  is now recovering after political stability as the stock market saw a 3.36 percent increase. Indian stock markets crashed on Tuesday following the general elections and gained momentum on Friday. On  Tuesday, Delhivery, a platform that allows you to track your package across India reported a 6.26%  decline in its stock. Indian startups saw gains on Friday after the stock market gained a 3.36 percent  increase, the BSE Sensex increased.

The losses faced in the stock market were almost recovered in  three trading sessions, at Rs 28 lakh crore. Many Indian startups got access to various government  policies to help startups and went unicorn this year. Awis is one of those startups that went public this  year and recorded a gain in the stock market. The future and impact of the Indian startup ecosystem  will again change following the new government. The stock prices for all the Indian startups fell into  the negative zone last week, they are said to be recovering following this gain in the market on Friday.

IIT Kanpur Launches UDAAN Programme to Boost Indian Drone Startups

IIT Kanpur Launches UDAAN Programme to Boost Indian Drone Startups

UDAAN programme was launched by the collaboration of Startup Incubation and Innovation Center at  Indian Institute of Technology Kanpur today. The programme is a step toward boosting and strengthing  the drone startups in India. UAV/UAS/Drone Acceleration and Networking programme is an initiative taken by the Government of Uttar Pradesh, and the Drone Federation of India. 

This step was taken by Indian Government to accelerate drone startups and provide them with  expertise help, resources and scaling up their business. This scheme will select 20 drone startups a year in two cohorts and help them in scaling their business while meeting market demands. These  startups will be settling at SIIC, IIT Kanpur and gain access to technical support, mentorship, financing,  and cutting-edge R&D facilities. The professor in charge of SIIC, Ankush Sharma mentioned that  UDAAN will help drone startups to access world-class mentorship and resources which will help in  growth of Indian UAV industry. 

This scheme will also help these startups to enhance their programming and technical advancements to become market ready. The strategic product, business development assistance, market analysis,  alliance building, and growth plan development will be included in the programme. This collaboration between SIIC and IIT Kanpur will allow Indian startups to have access to best-in-class testing facilities  at drone CoE including the Helicopter and VTOL lab, and the National Wind Tunnel Facility. 

The top six startups in each cohort will get fellowship support of Rs 3 lakh per year for innovation and  growth of the company. The interested startups need to register as startup with DPIIT working in drone  industry and focus on design, testing, and technical consultancy. Only those drone startups can register whose annual turnover is less than Rs 3 crore. The form to register for the UDAAN programme is said  to be opened until June 20. The drone market in India is expected to grow in size and reach the $13  billion by 2030.

Conclusion: 

The Startup Incubation and Innovation center at Indian Institute of Technology Kanpur today launched  a drone startup focused programme UDAAN. This collaboration of SIIC and IIT Kanpur with UP  government will change the landscape of Drone industry in India. UAV/UAS/Drone Acceleration and  Networking programme is an initiative taken by the Government of Uttar Pradesh, and the Drone  Federation of India. This scheme will select 20 drone startups a year in two cohorts and help them in  scaling their business while meeting market demands.

These startups will be settling at SIIC, IIT Kanpur  and gain access to technical support, mentorship, financing, and cutting-edge R&D facilities. This  collaboration between SIIC and IIT Kanpur will allow Indian startups to have access to best-in-class  testing facilities at drone CoE including the Helicopter and VTOL labs. The top six startups in each  cohort will get fellowship support of Rs 3 lakh per yearfor innovation and growth of the company. Only  those drone startups whose annual turnover is less than Rs 3 crore can register till June 20th.

Sachin Bansal Exits Ather Energy, Sells Remaining 7.5% Stake to Nikhil Kamath & Hero MotoCorp

Sachin Bansal Exits Ather Energy, Sells Remaining 7.5% Stake

Ather Energy, a Bengaluru-based EV startup recently got $15 million from Hero MotoCorp after the  company bought an additional stake of 2.2 percent in the startup. After thisinvestment Hero Motocorp  became the biggest stakeholder of Ather Energy with a 42% stake. Flipkart co-founder Sachin Bansal  sold his remaining 7.5 percent stake to Nikhil Kamath and Hero. 

Economic Times mentioned that Sachin Bansal has been existing investor with Rs 400 crore invested  from 2014 to date. The 2.2 percent share that Hero MotoCorp bought was sold by Bansal and the  remaining 5.3% went to Zerodha’s co-founder Nikhil Kamath. Nikhil is predicted to have bought this  additional stake for Rs 282 crore as per the valuation of latest acquisition by Hero MotoCorp for Rs  5,636 crore. The valuation of Alter Energy predicted by the startup data intelligence platform, the  kredible is predicted to be around $750 million in its previous Series E round. 

Previously Ather Energy was reported to seek the funding through combination of primary and  secondary sales. This selling of shares by Bansal just came following the news. The company also  reported 4.36 times increase in its operating profit to Rs 1,784 crore while the loss grew by2.5 times  to Rs864.5 crore in FY23. This fresh funding round came after the startup raised 34.5 million USD in a  debt and equity round with participation of new and existing investors and led by Stride Ventures. 

Alther energy is one of the top players in Indian EV industry. Swapnil Jain and Tarun Mehta made this startup to offer affordable and high-performance EV manufacturing solutions. The startup is planning  to use these fresh proceeds to scale up its in-house infrastructure, build innovative two-wheeler EV solutions to meet market needs and to increase the performance capability of the platform.

CONCLUSION: 

Ather Energy is a Bengaluru-based two-wheelers manufacturing startup, that recently got $15 million  from Hero MotoCorp after the company bought an additional stake of 2.2 percent in the startup. The  company’s regulatory filing reported that they secured $32 funding from Stride ventures, Tarun Sanjay  Mehta, and Swapnil Jain. Investors who participated in the funding round include Hero Motocorp, BP  Ventures, TigerGlobal, and Stride Ventures, among others. Ather Energy is the largest two-wheelers  manufacturer with fast and innovative manufacturing solutions across the country. The electric two wheelers market saw a 50% decline in April.

Ather Energy was reported to seek the funding through  combination of primary and secondary sales. This selling of shares by Bansal just came following the  news. Flipkart co-founder Sachin Bansal sold his remaining 7.5 percent stake to Nikhil Kamath and Hero  MotoCorp. This fresh funding round came after the startup raised $34.5 million in a debt and equity  round with participation of new and existing investors and led by Stride Ventures. The startup is  planning to use these fresh proceeds to scale up its in-house infrastructure, build innovative two wheeler EV solutions to meet market needs and to increase the performance capability of the  platform.

Ixigo Closes $21 Million Pre-IPO Secondary Round

Ixigo Closes $21 Million Pre-IPO Secondary Round

Ixigo is a travel booking platform under Le Travenues Technology that has closed its pre-IPO secondary round at $21 million. The startup is aiming to make its debut on the stock market exchange on 10th June with Rs 88 to 93 per share. The startup announced the placement of $21 million with a top-end  price of Rs 93 for each. 

Ixigo is a platform for booking flights and hotels with the best offers and deals around the country. A  report by Entrackr mentioned that the early investor of the firm, SAIF partners sold its 1,07,52,690  shares for $12 million to Ashok India, Bay Capital, and Tata Digital Fund. Another investor, Peak XV  Partners sold its 69,892,48 shares for $7.8 million to Steadview Holding and Bay Capital. Madison and  Micromax India also sold their shares to Steadview Capital for $1.3 million in a pre-IPO secondary  round.  

After this pre-IPO secondary placements, SAIF partners became the biggest stakeholder of the startup  with 20.52 percent followed by Peak XV at 13.81% and Micromax with 5.52 percent of the total share.  The co-founders of Ixigo, Ranjnisj Kumar and Aloke Bajpai account for a 16.65% stake in the startup.  Entrackr predicted SAIF partners to get 13 times more return from Ixigo while Prak XV will have 8.2 X  returns followed by Micromax with a 10.88-time return rate. The company aims to become the most  customer-centric OTA startup by empowering Indian travelers with better plans and choices for their  travel. 

The company is expected to open its Initial Public Offering from 10th June to 12th June with a minimum lot size of nearly 161 lots for its retail investors. While the minimum lot size for non-institutional  investors is 14 lots. The company had growth in this financial year with an operating revenue of Rs 491  crore. In the same duration, this firm had a sizable profit of Rs 65.7 crore. 

Conclusion: 

Le Travenues Technology is the parent company of this Gurugram-based startup, Ixigo. Ixigo provides  a smooth and seamless experience to its users by predicting flight delays, booking hotels, and providing  flexible flight bookings. This travel booking platform has closed its pre-IPO secondary round at $21  million. The startup announced the placement of $21 million with a top-end price of Rs 93 for each. SAIF Partners sold its 1,07,52,690 shares for $12 million to Ashok India, Bay Capital, and Tata Digital  Fund.

Another investor, Peak XV Partners sold its 69,892,48 shares for $7.8 million to Steadview  Holding and Bay Capital. Madison and Micromax India also sold their shares to Steadview Capital for  $1.3 million in a pre-IPO secondary round. After this pre-IPO secondary placements, SAIF partners  became the biggest stakeholder of the startup with 20.52 percent followed by Peak XV at 13.81% and  Micromax with 5.52 percent of the total share. The company aims to become the most customer centric OTA startup by empowering Indian travelers with better plans and choices for their travel.

Wipro Secures $500 Million Deal from US Communications Provider

Wipro Secures $500 Million Deal

Wipro had an increase in its shares by 5.46 percent to Rs 486.15. The share went up after the IT  company confirmed a $500 million deal made with the US communication service provider. BT  mentioned that the vice president at Religare Broking suggested that take exist at the current level as  it can face resistance near Rs 500. 

Wipro secured a $500 million deal, as a part of this deal the company will provide managed services  and industry-specific solutions. The company has been trying to secure mega deals for the past few  months but failed, the deals valuing more than $500 million are the main factor in growing revenue  for IT-based startups. Previously Wipro announced a multi-billion dollar deal with Nokia to offer real time IT support for global employees network and employee service desk. 

The company had made a total of $4.6 billion worth of large deals for this fiscal year. Last financial year  had the least revenue from communications with 4.2 percent of its total $10.8 billion revenue followed  by manufacturing with a 6.9 percent share, technology at 11.7 percent, and natural resources at 11.8  percent. Wipro shares previously closed at Rs 461 and increased by 5 percent today. As a part of a new  operating model, the IT firm is planning to increase its stake in the IT industry and aims to secure more  deals. 

The startup is aiming to secure a large deal worth more than $500 million by working with its partners  and clients. Wipro is expecting growth in its next financial year 2024-2025 by getting clients in areas  including Generative AI and Artificial intelligence. The company reported an increase in Total Contract  value by 9 percent year on year basis to $1.2 billion for Q4 FY24. The company had order book up by  16 percent at $4.6 billion on a yearly basis compared to FY23.  

Conclusion: 

An Information and technology startup, Wipro reported a 5% increase in its shares to Rs 486.15. The  increase in shares is due to Wipro confirming a $500 million deal made with the US communication  service provider. The current level is expected to face resistance at Rs 500 level. The company focuses  on providing managed services and industry-specific solutions as a part of this $500 million deal. Wipro Shares previously opened at Rs 461. The company focuses on securing large-scale deals and expanding  the market.

Previously Wipro announced a multi-billion dollar deal with Nokia to offer real-time IT  support for global employees network and employee service desk. As a part of a new operating model,  the IT firm is planning to increase its stake in the IT industry and aims to secure more deals. The  company has been trying to secure mega deals for the past few months but failed, the deals valuing  more than $500 million are the main factor in growing revenue for IT-based startups. The company  reported an increase in Total Contract value by 9 percent year on year basis.

Shopify to Acquire Sequoia-Backed Slack Alternative Threads

Shopify to Acquire Sequoia-Backed Slack Alternative Threads

Threads accepted a buyout offer from Shopify to merge the team with the company. Shopify acquired  the Sequoia-backed startup, threads. The deals and amount of acquisition are not yet disclosed by the  companies however, the startup mentioned on its website about the team joining hands with Shopify. 

Thread mentioned that they were planning to sell domains after they launched Meta’s social network last year. TechCrunch mentioned that the startup previously raised $10.5 million in its funding round  held in 2019. The company also mentioned that a few companies reached out to them previously but  they politely declined. This time the company eventually signed a deal with Shopify as a plan to scale  up while meeting market demands with the help of Shopify’s technical team and support. 

The company benefited from the launch of Meta’s thread since the slack alternatives own threads.com, a competitor of thread.net by Meta. Meta’s thread was mainly focused on business  communication therefore using “.network” in the domain. The data analytics firm, data.ai reported  that the startup saw 880k+ downloads globally on IOS devices from 6th to 12th July while the Android app crossed a million downloads. The CEO of Shopify, Tobi Lutke posted a welcome post to the team  but the details of the deal and integration are still undisclosed. The company received multiple buyout offers but declined until Shopify came up with a deal.  

The team of Thread mentioned that every company that came for the deal was incredible but, the  culture and vision of Shopify align perfectly with their company. Thread.com believes that the  company is not only focused on making the right thing but also on making it in the right way. The  thread team showed their excitement for this new collaboration and thanked all its supporters who  believed in the team for past years. 

Conclusion: 

Shopify is an e-commerce platform that allows its users to create an online store for their products and  services. Thread.com is a Sequoia-backed platform that lets you connect with the public. Shopify acquired Thread, a Sequoia-backed company. This acquisition will help Thread to integrate data, and  teams and spread their business more easily. The deals and amount of acquisition are not yet disclosed by the companies however, the startup mentioned on its website about the team joining hands with  Shopify.

The company also mentioned that a few companies reached out to them previously but they  politely declined. This time the company eventually signed a deal with Shopify as a plan to scale up while meeting market demands with the help of Shopify’s technical team and support. The startup  saw 880k+ downloads globally on IOS devices from 6th to 12th July while the Android app crossed a  million downloads.

The team of Thread mentioned that every company that came for the deal was  incredible but, the culture and vision of Shopify was what they were looking for in a company. This  time the company eventually signed a deal with Shopify as a plan to scale up while meeting market  demands with the help of Shopify’s technical team and support.

Edtech Startup Leverage.biz Completes Second ESOP Buyback

Leverage.biz Completes Second ESOP Buyback

Leverage.biz is an Edtech startup offering a study abroad platform Leverage Edu, Fly Homes, and  Fly.Finance. The startup reported to have completed its second ESOP buyback exercise which  benefitted over 50 employees who signed up for this function of the startup. The amount of stock  buyback is still unknown.  

Innovated by Akshay Chaturvedi, this startup focuses on providing counseling, admission support, and  financing services to students who are studying abroad or want to pursue international education. The  platform focuses on students from India, Nepal, and Nigeria, among others. This startup helps students to figure out the areas of their interests to realize their full potential. The platform offers personalized  mentors and counselors according to the needs of students. The interactive tutoring platform allows  students to learn and clear doubts in real time.  

The company previously secured $40 million in its debt and equity round led by Educational Testing  Service. Leverage.biz has raised a total of $70 million from all its rounds to date and has a valuation of  $140 million. The startup data intelligence platform, The Kredible mentioned Blume ventures as the largest stakeholder in the Leverage Edu with a 16.9% stake followed by DSG consumers Partners and  Tomorrow Capital.  

leverage.biz claims to have over 120 million users with 700+ university partners and more than 45,000  registered students. The platform offers the best solutions to its users by using advanced technologies. The company reported an increase in its operating revenue by 228% to Rs 69 crore in FY23, however, the losses also increased by 70% to Rs 103 crore for this fiscal year. The ESOP buyback saw an increase  and reached $802 million in 2023, it increased 4 times compared to $200 million in 2022. Some other  startups including MyGate, Meesho, Urban Company, Classplus, The Sleep Company, and Pocket FM  also completed their ESOP buyback exercise this year. 

Conclusion: 

Edtech startup, Leverage.biz reported to have completed its second ESOP buyback scheme. The  technology used by this startup is to provide personalized learning and counseling experiences. The  company uses cutting-edge technology to offer the best learning experience. The company claims to  offer the best solutions to its users by leveraging the new-age technologies. The startup reported to  have completed its second ESOP buyback exercise which benefitted over 50 employees who signed up  for this function of the startup.

The amount of stock buyback is still unknown. The company provides admission support, counseling, and financing services to students who are studying abroad or want to  pursue international education. The amount of stock buyback is still unknown. Blume Ventures is the largest stakeholder of Leverage Edu with a 16.9% stake followed by Tomorrow Capital and DSG consumers Partners. The startup has raised a total of $70 million from all its rounds to date and has a  valuation of $140 million. Leverage.biz uses various technologies to offer its users a variety of courses  and a seamless learning experience.

Ather Energy Secures $15 Million Funding from Hero MotoCorp

Ather Energy Secures $15 Million Funding

Ather Energy, a Bengaluru-based EV manufacturing startup has raised a $15 million investment from  Hero Motocorp. The company approved the purchase of an additional 2.2% stake in Ather Energy for  $15 million. This investment made Hero Motocorp the biggest stakeholder of Ather Energy with a 42% stake.  

The investment was made just after Ather Energy raised $34.5 million in a debt and equity round. The round had the participation of new and existing investors and was led with Rs 200 crore by Stride  Ventures followed by co-founders of the startup with Rs 43.28 crore each. The startup data intelligence  platform, TheKredible estimated the valuation of Alter Energy to be around $750 million in its previous  Series E round. The startup has secured a total of $450 million to date since its inception.  

The Kredible reported Sachin Bansal as the second largest stakeholder of Ather Energy after Hero  MotoCorp. Other external stakeholders of the startup include Caladium Investment and Tiger Global. This investment will be used to build two-wheeler solutions to meet market needs and to increase the  performance capability of the Electric Scooters. The company made investments in three parts and  became the largest stakeholder of the EV manufacturing startup with 42% percent of the total stake.  These finding amount will be used to build innovative EV solutions to meet public demands. 

The company reported a 4.36 times increase in its operating revenue to Rs 1,784 crore in FY23, while  the loss grew by 2.5 times to Rs 864.5 crore in the same duration. Despite the financial losses, the  startup was able to sell over 17,000 units in March. In contrast, the startup saw a 50% drop in overall  sales for April while the sales increased in May with 6,024 units sold. Alter Energy holds a 9.42% market  share and intends to use the funding amount to make its platform stronger and reach more people  around the country. 

Conclusion: 

Ather Energy is an EV startup, that raised a $15 million investment from Hero MotoCorp. Ather Energy  got this investment after the Stride Venture invested Rs 200 crore in the startup. Investors who  participated in the funding round include BP Venture, TigerGlobal, Caladium Investment, Hero  Motocorp, and Stride Ventures. Ather Energy is the largest electric scooter manufacturer with fast and  intelligent manufacturing solutions across the country. Alter Energy was valued at around $750 million  in its previous Series E round.

Ather Energy was valued at around $750 million in its previous Series E  round. The startup has secured a total of $450 million to date since its inception. The company made  investments in three parts and became the largest stakeholder of the EV manufacturing startup with  42% percent of the total stake. These fresh funds will be used to build innovative EV solutions to meet  public demands and increase the performance capability of its Vehicles. The electric two-wheelers manufacturer saw a 50% drop in overall sales for April while the sales increased in May with 6,024  units sold.