Inc42 Media

Ahead of its much anticipated initial public offering (IPO), home decor startup Livspace has reshuffled its top deck, elevating chief operating officer Ramakant Sharma to the position of chief executive officer. 🔸 Besides, the company’s cofounder and CEO Anuj Srivastava has also transitioned to the role of chairman of the board. 🔸 Founded by Srivastava and Sharma in 2014, Livspace is a curated marketplace that provides an end-to-end home design experience. It also offers software tools to help designers and homeowners. It claims to be serving in more than 50 cities in India, as well as in Middle East, and Singapore. 🔗Read the full article here - https://4-2.co/4guPzik #news #Inc42 #Homedecor #startupnews #startup #Livspace #businessnews #digitech

Fintech SaaS startup Perfios has acquired CustomerXP, the parent entity of banking fraud management startup Clari5 (CustomerXPs), to strengthen its position in the domestic as well as global market 🔰 However, Perfios has not disclosed the financial terms of the deal.With this acquisition, Perfios aims to strengthen its fraud and risk management (FRM), fuel company’s product-led growth and solidify its footprint in the financial segment across its key markets including Middle East, North Africa and Southeast Asia. 🔰 Founded by Rivi Varghese, Balaji Suryanarayana and Aditya Lal in 2006, Calri5 is a financial crime risk management company, which leverages automation, AI and machine learning to offer fraud management solutions. It claims to serve more than 1 Bn accounts and 10 bn transactions currently. 🔗Read the full article here - https://4-2.co/40MW9uM #news #Inc42 #Fintech #SaaS #Startup #Acquisition #fraudmanagement #FRM #growth #Perfios

With an eye on expanding its D2C play, FMCG giant ITC Limited has signed definitive agreements to acquire 100% stake in D2C meat delivery startup Meatigo by Prasuma's parent PRASUMA ⚡ 🔰 In an exchange filing, ITC said that the deal will also see the FMCG company take over parent Prasuma’s other brands including frozen foods vertical “Prasuma Momos” and cloud kitchen arm “Prasuma Momo Kitchen”. 🔰 At the outset, ITC will acquire 43.8% equity stake in frozen food entity Ample Foods Private Limited (AFPL) in lieu of an initial investment of nearly INR 131 Cr through primary subscription and secondary purchases. This is expected to close by March 2025. 🔰 Founded in 2018 by Lisa Suwal and Siddhant Wangdi, Meatigo is a D2C brand that delivers meat through its own app and website. Meanwhile, Prasuma Momo Kitchen operates 40+ cloud kitchens that deliver Pan Asian offerings to users. 🔗Read the full article here - https://4-2.co/4horFq3 #news #Inc42 #D2C #FMCG #ITC #Acquisition #stake #Expansion #startupnews #startup #businessnews #business #growth

Doubling down on its efforts to combat financial fraud, the Reserve Bank of India (RBI) is rolling out an exclusive internet domain, 'bank.in'; for Indian banks. 🔆 This initiative aims to curb cybersecurity threats and malicious activities such as phishing. It also intends to streamline secure financial services while boosting trust in digital banking and payment services. 🔆 The Institute for Development and Research in Banking Technology (IDRBT) will serve as the exclusive registrar, with registrations beginning in April 2025. 🔆 The RBI governor Sanjay Malhotra also said that the detailed guidelines for banks will be issued separately. , he mentioned that going forward the RBI intends to extend this approach to non-bank entities in the financial sector with an exclusive 'fin.in' domain in the future. 🔗Read the full article here - https://4-2.co/3Q8x7B7 #news #Inc42 #RBI #Cybersecurity #IDRBT #RBI #Digitalbanking #DigitalPayments #tech #startupnews

Bhavish Aggarwal-led Ola Electric widened its consolidated net loss by 50% to INR 564 Cr in the third quarter of the fiscal year 2024-25 (Q3 FY25) from INR 376 Cr in the year-ago quarter. 🔸On a quarter-on-quarter basis, net loss rose 14% from INR 495 Cr amid declining electric vehicle (EV) sales. 🔸As an electric two-wheeler manufacturer, Ola Electric earns all its revenue from the sale of its escooters. Till FY24, the Ola S1 Pro model was the biggest revenue driver for the electric mobility company. 🔗Read the full article here - https://4-2.co/3CFZ5RI #news #Inc42 #OlaElectric #EV #OlaEV #BhavishAggarwal #financials #financialnews #startupnews #startup

AI-powered blue collar recruitment platform Vahan.ai has secured an undisclosed amount of investment from Tokyo-based PERSOL Group. 🔰 The Bengaluru-based startup plans to deploy the fresh capital to bolster its artificial intelligence (AI)-driven tech stack, scale operations and focus on growing its business in emerging sectors like manufacturing and retail. 🔰 Founded in 2016 by Madhav Krishna and Mohammed Abdoolcarim, Vahan.ai leverages AI and WhatsApp’s application programming interfaces (APIs) to automate hiring of blue-collar workers. The company’s client list includes Swiggy, Flipkart, Amazon, Zepto, Uber, and Rapido, which utilise Vahan’s services to hire delivery executives. 🔗Read the full article here - https://4-2.co/40IdN2C #news #Inc42 #AI #ArtificialIntelligence #API #Tech #recruitment #Automation #startupnews #startup #funding #investments

Walmart-owned ecommerce giant Flipkart is reportedly looking to expand its dark store count to 500-550 ahead of its ‘Big Billion Days’ sale this year. ⚡The Bengaluru-based company will have 300 such mini warehouses by March, as it has grown to challenge market leaders like Blinkit, Zepto and Swiggy Instamart. ⚡It is to note that the development comes in light of Flipkart’s aggressive expansion in the quick commerce space. 🔗Read the full article here - https://4-2.co/3Eq074J #news #Inc42 #Flipkart #Walmart #Darkstores #Ecommerce #Quickcommerce #startupnews #startup #businessnews #business #expansion

Fashion ecommerce major Myntra has reportedly received an infusion of $81 Mn (around INR 709 Cr) from its parent entity Flipkart. According to the report, this was an internal cash transfer recorded in November 2024. This follows Flipkart’s reported infusion of $339 Mn into Myntra in March last year.⚡ 🔰 Founded in 2007 by Mukesh Bansal, Ashutosh Lawania and Vineet Saxena , Myntra is a marketplace which allows third-party sellers to sell their fashion products to customers. 🔰 Myntra’s revenue from operations for the financial year ending March 2024 (FY24) stood at INR 5,121.8 Cr, up about 15% from INR 4,465 Cr in the previous fiscal year. 🔗Read the full article here - https://4-2.co/42MH9iR #news #Inc42 #Myntra #funding #investment #Flipkart #Ecommerce #fashion #startupnews #startup #businessnews #growth

Platform as a service (PaaS) startup TrueFoundry has raised $19 Mn (INR 166.50 Cr) in its Series A funding round led by Intel’s investment arm, Intel Capital. The round saw its existing investors, Eniac Ventures and Peak XV’s Surge, double down on the startup. 🔰 The startup plans to utilise the fresh funds to accelerate its development of a universal platform, which builds and deploys AI applications with "zero infrastructure hassles". 🔰 Founded by Nikunj Bajaj, Abhishek Choudhary and Anuraag Gutgutia, TrueFoundry is a PaaS startup that simplifies the process of deploying and managing machine learning (ML) models in production. 🔗Read the full article here - https://4-2.co/42JuE7O #news #Inc42 #PaaS #TrueFoundry #AI #ArtificialIntelligence #ML #MachineLearningmodel #startupnews #startup

Sanjeev Bikhchandani led Internet company Info Edge India Ltd has obtained the board’s nod to invest up to INR 1,000 Cr in IE Venture Investment Fund III, a scheme to be launched by Karkardooma Trust, a SEBI-registered Category II Alternative Investment Fund (AIF).⚡ 🔰 Info Edge will invest up to INR 1,000 crore into the AIF either “directly or through wholly owned subsidiaries, subject to approval of SEBI and shareholders of the company,” the filing read. 🔰 Smartweb Internet Services, a subsidiary of Info Edge, will act as the sponsor and investor manager of the said trust and all its schemes. 🔗Read the full article here - https://4-2.co/40RDkq6 #news #Inc42 #InfoEdge #Smartweb #funding #investment #SEBI #startupnews #startup #businessnews