Adani Group among potential suitors Vijay Shekhar Sharma likely engaged with for stake sale in Paytm parent
Vijay Shekhar Sharma is in exploratory talks with potential investors to buy a stake in One97 Communications (OCL), sources told CNBC-TV18. Adani Group is among the potential suitors with whom the Paytm founder and CEO has likely engaged with for the stake sale, according to sources.
However, there is no clarity yet on the status of discussions or a possible closure of the deal, sources said, adding that there have been no talks for a stake sale in Paytm Payments Bank directly yet.
They also said that customer deposits in PPBL/wallet are yet to fully transition and that no regulatory action is likely on PPBL until all customer assets are moved out.
Fintech startup BharatX acquires Zenifi to enter medical lending market
Y-Combinator-backed BNPL fintech startup, BharatX has acquired healthcare finance startup Zenifi to enter the medical lending segment. As part of the deal, the co-founder and CEO of Zenifi, Padam Kataria, will join BharatX as the Head of Business -- Healthcare. He will work on building BharatX’s healthcare lending vertical.
"This acquisition will allow BharatX to go deeper into the healthcare vertical where currently no fintech or traditional players are able to disburse credit instantly, which is critical in emergency healthcare," Mehul Jindal, Co-founder CEO, BharatX, said in a statement.
Zenifi said this acquisition will allow BharatX to break into the healthcare sector, a sector ripe for disruption and one of the largest sectors needing credit after its disruptive success in online shopping credit solutions.
Euler Motors raises ₹200 crore from Piramal, Blume Ventures and BII
Homegrown electric three-wheeler manufacturer Euler Motors, has successfully closed its Series C funding round, raising an additional ₹200 crore. This brings the total raised in Series C to ₹570 crore.
The Series C funding round was led by internal investors, including British International Investment, Blume Ventures, and new investor Piramal Alternatives India Access Fund.
Euler Motors claims that it sold 3,700 vehicles and expanded from 5 to 22 cities in FY24. Founded in 2018, Euler Motors has raised around ₹770 crore so far.
Robotics firm DiFACTO raises ₹40 crore from Stakeboat Capital
Robotics and automation solutions provider DiFACTO has secured ₹40 crore from private equity firm Stakeboat Capital in its Series A funding round. The funds will be used to fuel the company's growth and strengthen its market position.
"India’s automotive industry is one of the many areas that leverage robotic automation. It is expected to experience a CAGR of 12.7%, reaching $512 billion by 2026. It is also poised to contribute 12% of our nation’s GDP," Ajay Gopalswamy, Founder and CEO of DiFACTO, said in a statement.
With three factories in Bengaluru and branches in Pune and Gurugram, DiFACTO operates globally, including a wholly-owned subsidiary in Troy, Michigan, US. Presently, the company operates across four key segments -- welding systems, material handling systems, foundry and machine tending systems, and fluid dispensing systems.
Inspeq AI raises ₹9.1 crore in Pre-Series A funding round
Responsible AI development platform provider Inspeq AI has raised $1.1 million in a Pre-Series-A investment round led by Sure Valley Ventures with participation from Delta Partners.
Other investors in the round include Plug and Play, and several marquee angel investors, including Gaurav Singh Kushwaha (Founder and CEO of BlueStone), Prateek Dixit (Founder of Pocket FM), Rick Kelly (Former MD of Meta Ireland), Cyril Treacy (Former VP of Salesforce), and other tech executives.
The company has built an enterprise-ready LLM Ops platform to help developers evaluate and improve their enterprise AI applications. The company’s platform promises to make Gen AI app development up to 4X faster. The platform also promises to cut down development costs by up to 70%. Inspeq AI said it plans to use this investment to expand its product development team and extend its marketing and sales operations in India, Ireland, and the UK.
AbleCredit gets seed funding from Merak Ventures
AbleCredit, an AI credit underwriting company, has raised seed funding of $1.25 million (₹10 crore) from Merak Ventures with participation from Venture Catalysts and Helios Holdings.
The startup is developing Generative AI models with voice, vision and language capabilities that function like an AI Assistant to the Credit Team and can generate comprehensive credit reports on a case to case basis, while adhering to the Credit Policy and guidelines.
The investment will enable the firm to scale its AI operations, along with business growth and expansion.
Holani Group raises ₹184 crore for SME Focused fund
Jaipur-based merchant banker and stockbroker Holani Consultants announced that it has received ₹184 crore for its SME-focused ₹300 crore fund launched in April this year. The fund also has a greenshoe option to retain an additional ₹100 crore, a statement said.
The Holani Group had ventured into the fund management and investment segment post approval from the Securities and Exchange Board of India (SEBI) for its Alternate Investment Fund early this year.
“With our sector-agnostic strategy, meticulous research and prudent risk management, we aim to create long-term value for our clients while fostering innovation, entrepreneurship and economic growth of India through our fund,” Ashok Holani, Director of Holani Consultants Private Limited said.
Razorpay POS launches 'Q-Zap' to enable faster checkouts, zero queues
Razorpay POS, the offline payments arm of the fintech major, has launched 'Q-Zap', a payment solution for retailers, designed to enable faster checkouts and zero queues.
With the help of Q-Zap, the company aims to redefine the in-store customer experience by reducing billing time by 40% and helping retailers save up to 20% in annual operating costs.
"Q-Zap aims to not only eliminate tedious checkout lines for customers but also to free up in-store staff's time so they can be available to customers and provide them assistance, which could include answering questions or facilitating customer checkout," Rahul Kothari, Chief Operating Officer, Razorpay, said in a statement.
Convin launches AI solutions for BFSI industry
AI-powered conversation intelligence platform Convin has introduced two new customer-centric solutions: Real-time Agent Assist and Manager Assist.
Designed for the dynamic environment of BFSI, these tools aim to redefine real-time customer interactions, boost satisfaction, enhance efficiency, maximize revenues, and ensure regulatory compliance, the firm said.
The BFSI sector faces significant challenges in both sales and support operations. Issues like miscommunication, mis-selling, and non-compliance with regulations can really impact a brand's reputation. Convin's Real-time Agent Assist and Manager Assist address these issues with advanced Generative AI technology powered by Convin’s in-house Large Language Model (LLM).
Myntra EORS-20 live from May 31
E-commerce fashion major Myntra, has announced the 20th edition of its flagship fashion fiesta, the EORS (End of Reason Sale).The mega event set to dazzle shoppers from May 31 will feature more than 30 lakh styles from across 8,800+ brands.
This will mark a 47% increase in brands catalogued and about 50% increase in trend-first selection in comparison to the previous summer edition of India’s much-loved fashion carnival.
8.6 million Myntra Insiders, members of the platform's coveted loyalty programme, will be enabled Early Access to the EORS from May 30. Myntra also anticipates 20 million users to flank the platform during the EORS, the firm said.
TMRW partners with Google Cloud to let users create own design on Bewakoof
Bewakoof, the fashion brand of TMRW, an Aditya Birla Venture, has announced a collaboration with Google Cloud to empower users to explore Generative AI to make a personal statement with unique fashionable t-shirts from Bewakoof.com.
This partnership allows Bewakoof to access Google’s ‘text to image’ first party model Imagen via a simple API call. Users will be able to input simple text descriptions and the AI will generate corresponding images tailored to their specifications.
“Now you can create your own designs on T-shirts with the Bewakoof.com website and app that leverages Google GenAI capabilities and get it delivered to your homes.” said Manjunath Talwar, Chief Product and Technology Officer at TMRW. “Our collaboration with Google Cloud is a testament to our commitment to harnessing the power of Gen AI. At TMRW, we are constantly pushing the boundaries of innovation to bring exciting and personalized experiences to our customers using technology.”
Build for Bharat initiative by ONDC concludes; winners gets over $200,000 funding
ONDC, in collaboration with Startup India, Google Cloud India, Antler in India, Protean and Paytm, said it has successfully concluded its nationwide 'Build for Bharat' initiative, attracting 27,000+ participants from startups, companies, and colleges across 50+ cities.
17 teams emerged as winners at the hackathon. The 'nextgen ventures' category aimed at accelerating venture creation on ONDC specifically for early-stage and aspiring founders. Six teams — Shopeg, OmniFlo, Zepic, Upaz, DPI Corp and Zceppa — emerged as winners, each securing non-equity grants of up to $40,000.
Eligible teams also received Google Cloud credits along with an opportunity to be inducted into the Antler India Residency Programme, with an equity funding of up to $250,000. The 'scalable solutions' category invited organisations and individuals to tackle friction points faced by ONDC participants. They were given Google Cloud credits worth $100,000.
GLOBAL TECHNOLOGY & STARTUP NEWS
PwC to become OpenAI's largest enterprise customer
PwC will become the largest customer and first reseller of OpenAI's enterprise product as part of a new deal, the accounting giant said, as businesses rush to adopt and capitalize on generative artificial intelligence.
PwC will roll out ChatGPT Enterprise, a version of the Microsoft-backed AI startup's chatbot aimed at large companies.
The firm will provide ChatGPT Enterprise to its 75,000 US employees and 26,000 UK employees, according to the Wall Street Journal which first reported the agreement.
Ex-OpenAI board member provides her first detailed account of CEO ouster
OpenAI's board only learned of the existence of ChatGPT when they saw it on Twitter, former board member Helen Toner said in an interview on "The Ted AI Show" podcast.
Toner provided her first detailed account of the backstory behind the dramatic firing and rehiring last November of OpenAI's CEO Sam Altman, painting a picture of a manipulative executive who fostered a "toxic atmosphere".
Toner said one catalyst for Altman's ousting was when two OpenAI executives reported instances of "psychological abuse" to the board. "They were really serious, to the point where they actually sent us screenshots and documentation of some of the instances they were telling us about..." she said.
Nvidia's market value surges closer to Apple
Nvidia's shares rallied around 6% to hit a record high on Tuesday, leaving the AI chipmaker's stock market value about $100 billion away from overtaking Apple in a major reshuffle of Wall street's biggest players.
Last trading at $1,128, Nvidia's market capitalization reached $2.8 trillion, compared to a market value of $2.9 trillion for Apple, which is Wall Street's second-most valuable company after Microsoft.
Nvidia, which has been one of the biggest beneficiaries of the AI boom, reported a five-fold jump in revenue at its data center segment last week as customers lined up for their high-performance chips.
Uber to offer Seine cruises, day trips in Paris during Olympics rush
Uber has unveiled a raft of measures, including a tie-up to offer cruises on the Seine river as it looks to meet explosive demand stemming from the upcoming Olympics in Paris.
The ride-hailing platform will offer its "Uber Cruises" free of charge from July 12 to August 3, and customers can also book a day trip that includes a champagne tasting through its "Uber Bubbles" launch.
Uber also plans to make a "significant" investment in driver incentives and discounts for riders. The company did not disclose the amount it is investing in these initiatives.
US court to hear challenges to potential TikTok ban in September
A US appeals court has set a fast-track schedule to consider the legal challenges to a new law requiring China-based ByteDance to divest TikTok's US assets by January 19 or face a ban.
The US Court of Appeals for the District of Columbia ordered the case set for oral arguments in September after TikTok, ByteDance and a group of TikTok content creators joined with the Justice Department earlier this month in asking the court for a quick schedule.
On May 14, a group of TikTok creators filed suit to block the law that could ban the app used by 170 million Americans, saying it has had "a profound effect on American life" after TikTok and parent company ByteDance filed a similar lawsuit.
Vijay Shekhar Sharma is in exploratory talks with potential investors to buy a stake in One97 Communications (OCL), sources told CNBC-TV18. Adani Group is among the potential suitors with whom the Paytm founder and CEO has likely engaged with for the stake sale, according to sources.
However, there is no clarity yet on the status of discussions or a possible closure of the deal, sources said, adding that there have been no talks for a stake sale in Paytm Payments Bank directly yet.
They also said that customer deposits in PPBL/wallet are yet to fully transition and that no regulatory action is likely on PPBL until all customer assets are moved out.
Fintech startup BharatX acquires Zenifi to enter medical lending market
Y-Combinator-backed BNPL fintech startup, BharatX has acquired healthcare finance startup Zenifi to enter the medical lending segment. As part of the deal, the co-founder and CEO of Zenifi, Padam Kataria, will join BharatX as the Head of Business -- Healthcare. He will work on building BharatX’s healthcare lending vertical.
"This acquisition will allow BharatX to go deeper into the healthcare vertical where currently no fintech or traditional players are able to disburse credit instantly, which is critical in emergency healthcare," Mehul Jindal, Co-founder CEO, BharatX, said in a statement.
Zenifi said this acquisition will allow BharatX to break into the healthcare sector, a sector ripe for disruption and one of the largest sectors needing credit after its disruptive success in online shopping credit solutions.
Euler Motors raises ₹200 crore from Piramal, Blume Ventures and BII
Homegrown electric three-wheeler manufacturer Euler Motors, has successfully closed its Series C funding round, raising an additional ₹200 crore. This brings the total raised in Series C to ₹570 crore.
The Series C funding round was led by internal investors, including British International Investment, Blume Ventures, and new investor Piramal Alternatives India Access Fund.
Euler Motors claims that it sold 3,700 vehicles and expanded from 5 to 22 cities in FY24. Founded in 2018, Euler Motors has raised around ₹770 crore so far.
Robotics firm DiFACTO raises ₹40 crore from Stakeboat Capital
Robotics and automation solutions provider DiFACTO has secured ₹40 crore from private equity firm Stakeboat Capital in its Series A funding round. The funds will be used to fuel the company's growth and strengthen its market position.
"India’s automotive industry is one of the many areas that leverage robotic automation. It is expected to experience a CAGR of 12.7%, reaching $512 billion by 2026. It is also poised to contribute 12% of our nation’s GDP," Ajay Gopalswamy, Founder and CEO of DiFACTO, said in a statement.
With three factories in Bengaluru and branches in Pune and Gurugram, DiFACTO operates globally, including a wholly-owned subsidiary in Troy, Michigan, US. Presently, the company operates across four key segments -- welding systems, material handling systems, foundry and machine tending systems, and fluid dispensing systems.
Inspeq AI raises ₹9.1 crore in Pre-Series A funding round
Responsible AI development platform provider Inspeq AI has raised $1.1 million in a Pre-Series-A investment round led by Sure Valley Ventures with participation from Delta Partners.
Other investors in the round include Plug and Play, and several marquee angel investors, including Gaurav Singh Kushwaha (Founder and CEO of BlueStone), Prateek Dixit (Founder of Pocket FM), Rick Kelly (Former MD of Meta Ireland), Cyril Treacy (Former VP of Salesforce), and other tech executives.
The company has built an enterprise-ready LLM Ops platform to help developers evaluate and improve their enterprise AI applications. The company’s platform promises to make Gen AI app development up to 4X faster. The platform also promises to cut down development costs by up to 70%. Inspeq AI said it plans to use this investment to expand its product development team and extend its marketing and sales operations in India, Ireland, and the UK.
AbleCredit gets seed funding from Merak Ventures
AbleCredit, an AI credit underwriting company, has raised seed funding of $1.25 million (₹10 crore) from Merak Ventures with participation from Venture Catalysts and Helios Holdings.
The startup is developing Generative AI models with voice, vision and language capabilities that function like an AI Assistant to the Credit Team and can generate comprehensive credit reports on a case to case basis, while adhering to the Credit Policy and guidelines.
The investment will enable the firm to scale its AI operations, along with business growth and expansion.
Holani Group raises ₹184 crore for SME Focused fund
Jaipur-based merchant banker and stockbroker Holani Consultants announced that it has received ₹184 crore for its SME-focused ₹300 crore fund launched in April this year. The fund also has a greenshoe option to retain an additional ₹100 crore, a statement said.
The Holani Group had ventured into the fund management and investment segment post approval from the Securities and Exchange Board of India (SEBI) for its Alternate Investment Fund early this year.
“With our sector-agnostic strategy, meticulous research and prudent risk management, we aim to create long-term value for our clients while fostering innovation, entrepreneurship and economic growth of India through our fund,” Ashok Holani, Director of Holani Consultants Private Limited said.
Razorpay POS launches 'Q-Zap' to enable faster checkouts, zero queues
Razorpay POS, the offline payments arm of the fintech major, has launched 'Q-Zap', a payment solution for retailers, designed to enable faster checkouts and zero queues.
With the help of Q-Zap, the company aims to redefine the in-store customer experience by reducing billing time by 40% and helping retailers save up to 20% in annual operating costs.
"Q-Zap aims to not only eliminate tedious checkout lines for customers but also to free up in-store staff's time so they can be available to customers and provide them assistance, which could include answering questions or facilitating customer checkout," Rahul Kothari, Chief Operating Officer, Razorpay, said in a statement.
Convin launches AI solutions for BFSI industry
AI-powered conversation intelligence platform Convin has introduced two new customer-centric solutions: Real-time Agent Assist and Manager Assist.
Designed for the dynamic environment of BFSI, these tools aim to redefine real-time customer interactions, boost satisfaction, enhance efficiency, maximize revenues, and ensure regulatory compliance, the firm said.
The BFSI sector faces significant challenges in both sales and support operations. Issues like miscommunication, mis-selling, and non-compliance with regulations can really impact a brand's reputation. Convin's Real-time Agent Assist and Manager Assist address these issues with advanced Generative AI technology powered by Convin’s in-house Large Language Model (LLM).
Myntra EORS-20 live from May 31
E-commerce fashion major Myntra, has announced the 20th edition of its flagship fashion fiesta, the EORS (End of Reason Sale).The mega event set to dazzle shoppers from May 31 will feature more than 30 lakh styles from across 8,800+ brands.
This will mark a 47% increase in brands catalogued and about 50% increase in trend-first selection in comparison to the previous summer edition of India’s much-loved fashion carnival.
8.6 million Myntra Insiders, members of the platform's coveted loyalty programme, will be enabled Early Access to the EORS from May 30. Myntra also anticipates 20 million users to flank the platform during the EORS, the firm said.
TMRW partners with Google Cloud to let users create own design on Bewakoof
Bewakoof, the fashion brand of TMRW, an Aditya Birla Venture, has announced a collaboration with Google Cloud to empower users to explore Generative AI to make a personal statement with unique fashionable t-shirts from Bewakoof.com.
This partnership allows Bewakoof to access Google’s ‘text to image’ first party model Imagen via a simple API call. Users will be able to input simple text descriptions and the AI will generate corresponding images tailored to their specifications.
“Now you can create your own designs on T-shirts with the Bewakoof.com website and app that leverages Google GenAI capabilities and get it delivered to your homes.” said Manjunath Talwar, Chief Product and Technology Officer at TMRW. “Our collaboration with Google Cloud is a testament to our commitment to harnessing the power of Gen AI. At TMRW, we are constantly pushing the boundaries of innovation to bring exciting and personalized experiences to our customers using technology.”
Build for Bharat initiative by ONDC concludes; winners gets over $200,000 funding
ONDC, in collaboration with Startup India, Google Cloud India, Antler in India, Protean and Paytm, said it has successfully concluded its nationwide 'Build for Bharat' initiative, attracting 27,000+ participants from startups, companies, and colleges across 50+ cities.
17 teams emerged as winners at the hackathon. The 'nextgen ventures' category aimed at accelerating venture creation on ONDC specifically for early-stage and aspiring founders. Six teams — Shopeg, OmniFlo, Zepic, Upaz, DPI Corp and Zceppa — emerged as winners, each securing non-equity grants of up to $40,000.
Eligible teams also received Google Cloud credits along with an opportunity to be inducted into the Antler India Residency Programme, with an equity funding of up to $250,000. The 'scalable solutions' category invited organisations and individuals to tackle friction points faced by ONDC participants. They were given Google Cloud credits worth $100,000.
GLOBAL TECHNOLOGY & STARTUP NEWS
PwC to become OpenAI's largest enterprise customer
PwC will become the largest customer and first reseller of OpenAI's enterprise product as part of a new deal, the accounting giant said, as businesses rush to adopt and capitalize on generative artificial intelligence.
PwC will roll out ChatGPT Enterprise, a version of the Microsoft-backed AI startup's chatbot aimed at large companies.
The firm will provide ChatGPT Enterprise to its 75,000 US employees and 26,000 UK employees, according to the Wall Street Journal which first reported the agreement.
Ex-OpenAI board member provides her first detailed account of CEO ouster
OpenAI's board only learned of the existence of ChatGPT when they saw it on Twitter, former board member Helen Toner said in an interview on "The Ted AI Show" podcast.
Toner provided her first detailed account of the backstory behind the dramatic firing and rehiring last November of OpenAI's CEO Sam Altman, painting a picture of a manipulative executive who fostered a "toxic atmosphere".
Toner said one catalyst for Altman's ousting was when two OpenAI executives reported instances of "psychological abuse" to the board. "They were really serious, to the point where they actually sent us screenshots and documentation of some of the instances they were telling us about..." she said.
Nvidia's market value surges closer to Apple
Nvidia's shares rallied around 6% to hit a record high on Tuesday, leaving the AI chipmaker's stock market value about $100 billion away from overtaking Apple in a major reshuffle of Wall street's biggest players.
Last trading at $1,128, Nvidia's market capitalization reached $2.8 trillion, compared to a market value of $2.9 trillion for Apple, which is Wall Street's second-most valuable company after Microsoft.
Nvidia, which has been one of the biggest beneficiaries of the AI boom, reported a five-fold jump in revenue at its data center segment last week as customers lined up for their high-performance chips.
Uber to offer Seine cruises, day trips in Paris during Olympics rush
Uber has unveiled a raft of measures, including a tie-up to offer cruises on the Seine river as it looks to meet explosive demand stemming from the upcoming Olympics in Paris.
The ride-hailing platform will offer its "Uber Cruises" free of charge from July 12 to August 3, and customers can also book a day trip that includes a champagne tasting through its "Uber Bubbles" launch.
Uber also plans to make a "significant" investment in driver incentives and discounts for riders. The company did not disclose the amount it is investing in these initiatives.
US court to hear challenges to potential TikTok ban in September
A US appeals court has set a fast-track schedule to consider the legal challenges to a new law requiring China-based ByteDance to divest TikTok's US assets by January 19 or face a ban.
The US Court of Appeals for the District of Columbia ordered the case set for oral arguments in September after TikTok, ByteDance and a group of TikTok content creators joined with the Justice Department earlier this month in asking the court for a quick schedule.
On May 14, a group of TikTok creators filed suit to block the law that could ban the app used by 170 million Americans, saying it has had "a profound effect on American life" after TikTok and parent company ByteDance filed a similar lawsuit.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
