All posts by : Empowering Indians

Annu Projects Limited, a top-tier provider of telecom network construction solutions on a turnkey basis, has raised Rs 5 crore in funding from Chanakya Opportunities Fund, a SEBI-registered Category II Alternative Investment Fund (AIF) that specializes in SME investement , through a preferential issue.

The funds will be instrumental in advancing Annu Project’s strategic initiatives, meeting its working capital requirements, and ensuring high-quality services across its core sectors.

Annu Projects, formerly known as Annu Infra Construct India Pvt., specializes in developing, and maintaining critical infrastructure across diverse sectors, including telecommunications, sewerage systems, gas pipelines, and the power sector.

“This investment from Chanakya Opportunities Fund will enable us to strengthen our market position and drive sustained growth in these essential areas. The investment is a testament to our vision and the strength of our team. This collaboration will fuel our growth, enhance our capabilities, and drive us closer to our goal of delivering exceptional value to our stakeholders,” said Sanjay Saraf, Director, Annu Projects Limited.

Founded in 2003, Annu Projects has successfully executed projects for significant government entities involved in telecom and infrastructure projects.

In the fiscal year 2023-2024, the Ranchi headquartered company reported revenue from operations of ₹153.53 Crores, a significant increase from ₹128.91 Crores in 2022-2023 and ₹110.28 Crores in 2021-2022.

Kresha Gupta, Founder and Fund Manager of Chanakya Opportunities Fund, expressed enthusiasm for the new partnership, stating, “We are thrilled to support Annu Projects’ innovative approach. This investment reflects our confidence in their leadership and vision to disrupt the market, as well as our belief in a future where they redefine industry standards.”

Trisu, India’s pioneering all-gold vermeil jewellery brand, has successfully completed its first pre-seed funding round, led by early-stage venture capital firm All In Capital. JK Tyres, Amaanta Group, and angel investors Himanshu Aggarwal and Sumer Sethi also participated in the round.

The company plans to use the funds to enhance customer acquisition, drive product innovation, and support market expansion. Founded by Saloni Chopra in 2023, Trisu offers gold vermeil jewellery with 18-karat gold plating that is five times thicker than standard gold plating, using silver as the base metal.

Trisu is named after Saloni’s parents, Trilok and Sushma. Sushma Chopra, who passed away in August 2023, was the heart of the brand. Her passion for durable jewellery and pursuit of better gold alternatives continue to inspire the Trisu team.

The brand’s mission is to provide long-lasting, affordable gold alternatives in India, particularly for individuals aged 30-60. Trisu’s products deliver high quality at a fraction of the cost, allowing customers to enjoy jewellery that closely resembles solid gold without the high expense or risk of loss.

With its head office in Gurgaon and manufacturing site in Jaipur, Trisu has achieved 24x growth within eight months of operation. The company aims to generate $1 million (Rs 8 crore) in monthly recurring revenue by 2025 and open ten shop in shops and five exclusive outlets by December 2026.

“With this funding, we aim to disrupt India’s $80 billion jewellery market with unique vermeil pieces that look like solid gold but cost a fraction. Our goal is to become the top gold alternative and capture 10% of the everyday gold jewellery market by 2034,” said Saloni Chopra, Founder of Trisu. With over a decade of experience in her family’s jewellery business, Saloni was also an early employee at Blissclub, where she helped scale the brand from Rs 3 crore to Rs 100 crore in ARR.

“Saloni makes for a great Founder-Market-fit for this category, given her earlier stints. Building a brand for the female TG needs customer centricity flowing top down in an organisation and Saloni fulfills that perfectly.” said Aditya Singh, Co Founder at All In Capital.

Trisu’s unique selling point is its superior plating style. Unlike other options in India, which either fade quickly or are plated on steel, Trisu’sjewellery offers a lasting finish—often lasting a lifetime. In just eight months, Trisu has attracted over 5,000 active users who appreciate its designs for their close resemblance to solid gold. The chains segment is the company’s top revenue driver, followed by neckpieces and bracelets.

By the end of this year, Trisu plans to expand its presence across all marketplaces, including quick commerce platforms.

The founding team also includes Shrey Bansiwal, who has experience with Oyo, Urban Company, and Blissclub, and Mahak Chopra, who brings over a decade of brand-building experience from Singapore.

As the banking and financial services industry moves towards the digital era, Generation X is expected to be at the helm of fintech companies. There is consensus that bank-fintech partnerships are the future, according to a survey conducted by BFSI focused CXO search firm Venator Search Partners. Even globally, Generation X (35-50 years old) accounts for 51% of leadership roles.

While Gen X is expected to dominate the leadership positions in the digital organisations, millennials are also gradually occupying leadership roles. Presently, millennials represent the largest percentage of the workforce and several of them are climbing the leadership ladder to occupy leadership roles faster than any other generation.

A bird’s eye view of the fintech space reveals that a big majority of the fintechs were founded over the last 5-7 years. Most of the founders of these companies are Gen X or millennials. Therefore, considering the age of the founders and the scale-up potential of these startups, there is an emerging vacuum in terms of mentorship.

Based on the industry requirements, senior BFSI professionals are likely to guide the founders of Fintechs, most likely by occupying advisory roles in the organisations or as members of the board. A collaboration of ambitions and technical skills of the young entrepreneurs and the guidance of experienced BFSI professionals will be vital for the overall progress of the organisations.

While traditional banks provide a safe option for several BFSI professionals, leadership roles in Fintech and digital lending organisations can provide an attractive proposition for these senior banking professionals. Higher stock options and an opportunity to mentor the future generation seem to be the primary reasons for experienced BFSI professionals moving to digital lending platforms.

Several BFSI professionals are aware of the immense potential that the digital lending platforms possess. Guiding such companies into the future is an attractive proposal for many. It also allows them to be part of the growing movement of fintech.

“We as headhunters see significantly higher cash compensation that the Fintechs offer compared to traditional banks. That’s possibly the only effective way of attracting capable talent. Often such offers from Fintechs are more than 50% higher on cash compensation compared to private sector banks,” said Deepraditya Datta, Founder, Venator Search Partners.

In terms of industry trends, the change in the credit needs of different industries has brought about a shift in focus from rates and payments to speedy access to credit. In this scenario, unsecured retail lending has emerged as the winner and is likely to be the future growth driver of fintech. More than 60 respondents which includes CEO’s, secured & unsecured lending professionals, HR Heads from leading NBFC’s, Banks & Fintechs participated in this survey.

Mistry.Store, a leadingBuilding materials platform, has launched India’s first smart credit program tailored for the building industry professionals like architects, interior designers, contractors-firms and other building professionals.

The smart credit program, an industry first credit product, is designed for Architects, Interior Designers, Contractor Firms, OEMs and all other building professionals created by addressing the critical credit gap in that segment.

After working hand-in-hand for the last 2 years with over 3,500+ professionals in the building space, Mistry.Storeidentified that dependence on informal credit alone invariably hinders business growth for professionals and curated the Smart Credit Programto address this critical gap.

The Smart Credit Program empowers building professionals to unlock their full potential. Firstly, it provides an interest-free period of up to 60 days, allowing for effective cash flow management and optimization of project finances. Secondly, the program guarantees cash rates on authentic products, ensuring quality and eliminating the concern of hidden costs. Finally, by simplifying procurement with a one-stop shop for all building materials, it helps to minimize sourcing costs and reduce the risk of pilferage.

By participating in the program, professionals can unlock higher credit limits, enabling them to take on larger and more lucrative projects. This not only fuels business growth but also improves their market reputation with clients and vendors.

A strong credit history, established through participation in the smart credit program, can also enhance their financial profile, making it easier to secure future funding and financing options.

The program is a testament to Mistry.Store’s commitment to supporting the building industry. By offering innovative financial solutions, guaranteed product quality, and a streamlined procurement experience, Mistry.Store will empower building professionals to achieve greater success in their projects.

For professionals, the program is easy to sign-up for, and they can start enjoying its benefits immediately. After sign-up, Mistry.Store will assist professionals to set-up credit limits with partner institutions.

Vaibhav Poddar, Cofounder of Mistry.Store, states “By enrolling in the Smart Credit Program, professionals can achieve significant growth. We project an increase in profit margins by 8-10% and business scaling by 2x-3x. With a higher credit limit, professionals can take on more prominent projects and experience exponential business expansion.”

The Smart Credit Program also presents a compelling opportunity for NBFCs (Non-Banking Financial Companies) to open up the thriving interior professionals’ space for credit. Partnering with Mistry.Store will help them onboard customers, mitigate risk with end-use control, offer exclusive benefits, and ensure credit line utilization.

This partnership presents a win-win situation for both parties.

Founded in 2022 by VaibhavPoddar and Bhanu Mahajan, Mistry.Store is a revolutionary platform dedicated to simplifying building material purchases for all building professionals. With affordable pricing, a vast product selection (8+ categories, 120+ brands), and a user-friendly experience, Mistry.Store streamlines the entire procurement process.

Mistry.Store is currently operational in Delhi-NCR, boasting a 20,000+ sq ft warehouse and sampling area. The company has already partnered with over 120+ brands and onboarded a remarkable 3,500+ professionals, solidifying its position as one of the leading platforms for the building industry.

Having secured $2.5 million in funding from prominent investors like Omidyar Network India, Waveform VC, and Bharat Founders Fund, Mistry.Store is poised for significant expansion. The company plans to leverage this funding to broaden its reach to new cities, further develop its end-to-end ecosystem for all building professionals, and create innovative technology solutions that empower both professionals and their customers.

India’s home interiors market is booming. It was valued at $23.2 billion in 2020 and is expected to grow to USD 38.2 billion by 2027.

Mistry.Store – Building a brighter future for all Building Professionals, one project at a time.

GoKwik, a leading eCommerce enabler has announced its acquisition of Return Prime, a global returns management app in the Shopify ecosystem.

Founded in 2021, Bengaluru-based Return Prime by Shashwat Swaroop provides a customer return platform for managing returns and converting them into revenue opportunities. Brands use the platform for automating return logistics, refunds, replacements, and more.

The acquisition marks GoKwik’s entry into the international markets of UK, Europe and the US besides cementing GoKwik’s position as the leading eCommerce enabler globally. It also opens new horizons for brands globally to use GoKwik’s set of solutions for furthering their growth.

As online shopping continues to grow, particularly in the wake of the COVID-19 pandemic, the ability to efficiently manage returns has become a key differentiator for merchants. With this acquisition, GoKwik is positioning itself at the forefront of this trend, offering a solution that not only improves the customer experience but also boosts the revenue of the merchants globally, while also helping them increase the customer lifetime value (CLTV).

“Our DNA is instilled with building in India for the world. With D2C booming, payments systems top-notch, digital infrastructure evolving, and more people shopping online than ever before, we’ve gained an incredible advantage. Operating in such a heterogeneous market where every day there’s a unique perspective on how shoppers function and what they want, the learning curve we’ve experienced has prepared us to not only help brands in India but also scale that knowledge for creating solutions globally,” said Chirag Taneja, Co-Founder and CEO, GoKwik.

He further added, “over the past three years, we have grown our product offerings to tackle challenges at their core, all with the goal of driving more GMV for our merchants. The acquisition of Return Prime is a big step in that direction, opening up the entire Shopify ecosystem to our solutions. We are excited about this new chapter and how we can now support eCommerce brands around the world, using everything we have learned along the way.”

With millions of merchants, Shopify is one of the largest eCommerce platforms in the world processing over $1 trillion lifetime GMV, with a strong presence in the US, UK, Australia and 170+ countries.
By acquiring Return Prime, which is trusted by thousands of merchants globally, GoKwik aims to add another layer of capability to its suite of solutions tailor-made for eCommerce brands. This acquisition will not only enhance GoKwik’s product offerings but also signal its intent to become a global player with a deep solution stack for eCommerce brands across the world.

Return Prime houses around 6000+ Shopify brands across 50+ countries currently. With the acquisition, GoKwik aims to onboard 10,000+ new merchants over the next 6 to 12 months, leveraging Return Prime’s technology and existing relationships to tap into new markets. This strategic push is expected to drive significant revenue growth, with GoKwik projecting a 3X increase in its overall business by the end of this year, and a 10X increase over the span of the next three years.

“At Return Prime, we’ve enabled eCommerce brands in the Shopify ecosystem to turn returns into revenue by simplifying and optimizing the returns process. With GoKwik’s extensive capabilities, we see an exciting opportunity to evolve our solution, add deeper layers of innovation, and help brands further boost their revenue. With our shared passion for building solutions that address the full spectrum of eCommerce, we’re looking forward to creating new avenues for eCommerce brands across countries to thrive,” added Shashwat Swaroop, Co-Founder, Return Prime.

GoKwik’s entry into international markets also comes at a time when the global eCommerce landscape is bustling with developments. Key Shopify players like Klaviyo in the US going public last year have proven that incredible businesses are being built globally for a secularly growing eCommerce. GoKwik uses best-in-class data, tech and AI/ ML capabilities to solve merchant problems by predicting customer intent. Combining these with Return Prime’s returns management competence, GoKwik is expanding its suite of solutions to meet the rapidly evolving needs of merchants.

With this acquisition, GoKwik now caters to over 10,000+ eCommerce brands. Notable brands in the GoKwik ecosystem include Mamaearth, Mosaic Wellness, Foxtale, Shoppers Stop, Libas, AdilQadri, Noise, Fireboltt, and more.

Fintech start-up POP, founded by former Flipkart employees, has introduced India’s first multi-brand co-branded credit card, the YEB BANK POP-CLUB  RuPay Credit Card, developed in collaboration with RuPay and Yes Bank. This launch coincides with POP surpassing 1 million UPI transactions, aims to leverage the power of the RuPay network to make credit on UPI easier for its network of users

The credit card was launched at the Global Fintech Festival (GFF) in the presence of Mr. Nalin Bansal- Chief of Corporate and Fintech Relationships at NPCI and Mr. Amit Sinha- Head of credit card sales and partnerships at Yes Bank

As India’s first multi-brand co-branded card, it brings together top brands such as Zomato, Blinkit, Cult, Rapido, Cleartrip, and Pharmeasy, covering key daily expenditure categories like e-commerce, groceries, F&B, travel, and health & fitness. POP aims to create a relevant value proposition with these marquee brands while leveraging the growing UPI and RuPay networks.

Cardholders can earn rewards on every transaction through POPcoins. RuPay cardholders benefit from accelerated POPcoins earnings when using the card with POP UPI. POPcoins can be redeemed for a wide range of products from major direct-to-consumer (D2C) brands in categories such as beauty, personal care, electronics, fashion, and home goods—all available within the POP app. Additionally, POPcoins can be used for purchases on Zomato, Blinkit, Cult, Rapido, Cleartrip, and Pharmeasy.

The card offers an attractive rewards structure, ensuring that every transaction is rewarding. Users can earn 10% POPcoins on all online transactions, 2% POPcoins on offline transactions, and an additional 5% POPcoins when using the card with POP UPI. The card has no joining fee and comes with an exclusive set of joining benefits worth ₹5,000, including 500 bonus POPcoins, a six-month Pharmeasy Plus membership, a ₹750 Cleartrip Flight Voucher, a ₹500 Cult Voucher, a three-month Zomato Gold Membership, and a Rapido Ride Pass.

“We initiated a waitlist during the pre-launch phase alongside the launch of POP UPI. The response was overwhelming, with 32,000 customers waitlisting for the card—an impressive feat achieved without any marketing push. This strong initial interest reflects the market’s readiness,” said Bhargav Errangi, Founder of POP. Errangi, a former Flipkart Senior Director, has a track record of scaling Flipkart’s Shopsy and Flipkart Supercoins.

In June 2024, POP launched its UPI + e-commerce app platform, where users can earn POPcoins on each UPI transaction. Within just two months, POP surpassed a monthly UPI transaction rate of 1 million.

Cygnet.One, a leading player that empowers organizations to achieve business process digital transformation through co-ideation, co-creation, co-innovation, and co-evolution, has partnered with NBFC Ratnaafin to offer credit access to MSME through invoice financing via Cygnet BridgeCash, an advanced platform designed to enable MSMEs’ financial inclusivity.

The credit supply-demand gap for MSMEs is estimated to be $530 Bn and even steeper with micro-enterprises. 30 to 40% of loans get denied, citing lack of credit history, and hence, MSMEs are constrained for working capital. Thankfully, with the recent mandates from the Govt., such as e-invoicing under the GST regime, Invoice financing will now ease credit access to MSMEs.

With a 24-year legacy in compliance transformations and digital transactions, especially as an IRP and GSP, Cygnet. One already processes 15-19% of India’s e-invoices, uniquely positioning them to lead the charge in financial inclusivity to bridge the working capital gap /stress. This launch marks a milestone in fintech, as Cygnet BridgeCash combines technology and expertise to simplify credit access through anchor-based invoice financing.

They have access to over 30,000 subscriber GSTINs from all industries and their 4000000+ vendor and customer ecosystem, Cygnet.One has an opportunity to enable nearly INR 5 Bn+ invoice financing monthly.

As a distinguished non-banking financial company (NBFC), Ratnaafin is committed to empowering MSMEs across India with comprehensive financial offerings. From business, machinery, and working capital loans to loans against property, Ratnaafin provides the financial backbone that small and medium enterprises need to thrive.

In addition to traditional lending, Ratnaafin champions sustainable energy initiatives through its solar loan program and offers specialized solutions like supply chain finance, designed to meet the unique needs of businesses in today’s dynamic market.

By focusing on quick approvals, competitive interest rates, and personalized financial services, Ratnaafin ensures that businesses and individuals can unlock growth opportunities and achieve their financial objectives efficiently.

As Ratnaafin looks forward to potential partnerships, such as with Cygnet, they continue to drive innovation and growth within the financial sector, furthering their mission to make financial empowerment accessible to all.

Malav Desai, Director at Ratnaafin, shared his thoughts on the partnership: “Our collaboration with Cygnet.One is a significant step toward enhancing financial access for MSMEs. Combining Cygnet’s technological expertise with Ratnaafin’s deep understanding of MSME financing, we are poised to offer innovative solutions to empower businesses to thrive in today’s competitive landscape.”

Unlike other players in the MSME financing sector that focus on small-value, paperless loans, Cygnet BridgeCash takes advantage of Cygnet.One’s deep integration with India’s e-invoicing ecosystem for sourcing. They have built a technology-backed end-to-end digital financing platform, ensuring a seamless and transparent approach for buyers and sellers.

With Ratnaafin as their strategic partner and a credible NBFC, Cygnet BridgeCash brings faster, tech-driven financial inclusivity solutions to the MSME sector. The platform leverages Cygnet.One’s longstanding leadership in digital transformation, offering MSMEs a more structured path to working capital through consent-driven financing, ensuring trust and efficiency in the process.

“We’re excited to build on our strong foundation in digital transactions with Cygnet BridgeCash and drive the future of financial access for businesses,” said Niraj Hutheesing, Founder and Managing Director of Cygnet.One.

The platform facilitates analytics through GST Business Intelligence in a consent-driven flow and leverages AI-driven Banking IDP analysis to assess creditworthiness. Lenders benefit from the ability to add custom underwriting rules on the pre-integrated platform or integrate their underwriting system.

The API-first digital platform provides a seamless interface for sellers, buyers, and lenders to execute and monitor invoice financing effectively. Cygnet BridgeCash is poised to set the standard for digital invoice financing in India, making Cygnet.One a trailblazer in this rapidly evolving industry.