Posts in category: Press Releases

Smart mobility company Six Sense Mobility has raised Rs 6 crore in a seed round from Piper Serica VC, a leading angel investment firm based in Mumbai.

The company had previously raised funds from Saurabh Nayyar (Docbel Group).

Founded by Sumit Roy, Kapil Rao, and Narendra Kumar Verma, the Delhi-based deep-tech smart mobility startup plans to use the funds to increase its team size, build production capacity, and for research and development of technologies for vehicle safety

“We are about 1.5 years old but have made great progress in bringing our technology from the R&D phase to commercialization while keeping it entirely indigenous and controlling the entire value chain of the tech, from design and development to manufacturing.We already have multiple clients in the automotive domain, which include 2-wheelers, 3-wheelers, and even large commercial vehicles in both EV and IC engine domains,” said Sumit Roy, founder of Six Sense Mobility.

The company plans to scale rapidly in Indian and foreign markets in the next few years as the connected cars market is expected to reach $165 billion by 2029 from about $75 billion.

With the Indian government aggressively implementing new technologies in the mobility and transportation sector, Six Sense Mobility believes it could contribute significantly to these changes. For instance, the new GPS-based tolling system would entirely depend on intelligent technologies like the one Six Sense Mobility offers for it to be successfully implemented.

Six Sense Mobility has crafted its technology for multiple use cases in automotive safety, security, and maintenance. For instance, the company’s crash detection technology can detect collisions and measure their impact. It can dispatch emergency SOS services by triangulating the exact location of the accident, thereby saving precious time and potentially saving lives.

The company’s advanced tracking and immobilization technology communicates with multiple satellites, including the USA-owned GPS satellites, the Chinese BeiDou satellites, the Russian GLONASS satellites, and even the Indigenous NAVIC satellites launched by ISRO. This provides complete and precise tracking capabilities, as well as remote immobilization capabilities, making users’ assets safe and secure.

Its advanced diagnostics and analytics system uses AI and machine learning to diagnose issues with the vehicle remotely with extreme precision and even predict future problems and potential malfunctions.

“Six Sense is one of the few companies in the telematics space that are 5G ready with a very strong customer traction. Satellite based tolling system, connected cars, efficient logistics, pay as you go insurance all require strong telemetry technology and Six Sense devices are already seeing strong adoption across these customers.” 

We at Piper Serica are excited to back this deeptech company having a great founding team and a strong customer traction,” said Ajay Modi, Director, Investments, Piper Serica Angel Fund.

Plotch.ai, a leading AI-powered ONDC rails infrastructure provider, announced that it has reached the 10 million cumulative transactions milestone through its network infrastructure. Founded in 2022 by Craftsvilla founder Manoj Gupta and his wife Monica Gupta, Plotch.ai is an AI enterprise software startup specializing in the ONDC network. It offers technology solutions for both the buyer and seller sides of ONDC.

Backed by prominent venture capital funds such as Antler India and Venture Catalysts, Plotch.ai’s client roster includes industry leaders like Snapdeal, Ola, Meesho, Jagran Media Group, and Bluestar. Plotch has witnessed a 1000x increase in transaction volume over the last two years.

This milestone coincides with ONDC’s recent announcement that, as of June 2024, it had completed 68 million transactions within its network.

Plotch.ai’s technology platform has powered approximately 30% of all retail category transactions in the network. Based on growth patterns observed over the past 12 months, Plotch.ai predicts three billion quarterly transactions in the next three years, with around 750 million of those transactions being powered by their platform.

It is projected that while Food, Grocery, and Fashion currently dominate the retail orders on ONDC, other categories like Home and Electronics are expected to see significant growth in the coming months.

Commenting on this milestone, Manoj Gupta, CEO of Plotch.ai, said, “As pioneers in ONDC digital infrastructure since 2022, we aim for our next milestone of 100 million cumulative transactions through our network. Our north star metric is the number of transactions, and we anticipate reaching 1 billion transactions per month by the end of this decade, given ONDC’s rapid scaling. Additionally, Plotch.ai is strengthening its AI infrastructure atop the ONDC framework through a key strategic partnership with Google Cloud.”

Bikram Singh Bedi, Vice President & Country MD at Google Cloud India, added, “We are excited to have collaborated with Plotch.ai and enabled them to achieve this milestone. With digital commerce scaling rapidly in India, we continue to work with them on scaling their infrastructure using cutting-edge solutions from Google Cloud.”

Mr. T. Koshy, CEO of ONDC, congratulated Plotch.ai on reaching the milestone and said, “Plotch.ai is an important technology enabler in the ONDC ecosystem and has been instrumental in accelerating the journey of numerous network participants. We believe a healthy ecosystem of technology enablers will further accelerate the growth and innovation potential of the ONDC Network.”

Plotch.ai believes AI is crucial in achieving its next milestone of 100 million transactions within the ONDC network. Plotch.ai has chosen Google Cloud’s Vertex AI technologies, including Gemini, to harness this potential as the foundational model for building ONDC-specific AI infrastructure.

Google’s Gemini will also utilize Generative AI to create catalogs, seamlessly helping sellers in product sales. Over the past nine months, Plotch.ai has revamped its software stack architecture to handle large transaction volumes and become more modular using a microservices architecture.

Plotch.ai is already seeing considerable interest from network participants in adopting AI in ONDC. The startup plans to announce numerous AI products and solutions in the upcoming quarter.

The Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) partnered
with Rizing, a cutting-edge entrepreneurial information network that delves into
business, finance, and technology, to host The Rizing Equality Entrepreneurship Forum –
The Delhi Chapter.

Supported by Blockchain solutions provider Qila and IDBI Bank, this event took place at
the India Habitat Centre, New Delhi on the 25th of July 2024.

Following the success of the Rizing Equality Summit 2024 in Mumbai in February 2024,
the Delhi Chapter marks the second event of this series.

Rizing plans to extend this series across India to foster smart and meaningful discussions
nationwide.

The forum gathered a mix of MSME professionals, investors and other stakeholders at the
heart of India’s economy: Delhi.

It served as a platform to highlight the pivotal role of MSMEs/startups as the unsung
heroes and silent engines of growth, innovation and job creation in India.

The event’s agenda featured sessions including an entrepreneurial resilience panel,
Direct-To-Consumer (D2C) strategies, fundraising insights and institutional credit
facilitation for MSEs. The lineup also included workshops on Blockchain, legal issues and
banking solutions.

Prominent speakers like Sandeep Varma of the CGTMSE, Siddharth Ugrankar of Qila and
Suresh S of IDBI Bank, along with leaders from Soonicorn Ventures, Ankur Capital,
Fireside Ventures, Process9, ValuAble, GetVantage and more were present at the event. A
special mentorship pitch session allowed MSMEs/startups to present their business plans

with successful pitches gaining eligibility for collateral-free loan guarantees from the
CGTMSE.

Sandeep Varma, CEO – CGTMSE, emphasizes, “Collateral unavailability has always been a
problem for small-scale entrepreneurs to kickstart their venture and it has increasingly
become a big bottleneck for bankers in providing loans to this segment. With the
backing of the CGTMSE in India, if any loans to MSEs become bad, then as a guarantee,
the CGTMSE would provide 75%-85% coverage of the loan to the lender in lieu of collateral
security”.

Established by the Ministry of MSME, Government of India, and SIDBI, the CGTMSE aims
to catalyze the flow of institutional credit to MSEs, enhancing credit delivery systems and
broadening finance access to include underserved and underprivileged & bolster
availability of finance from conventional lenders to new-gen entrepreneurs.

Since its inception, the CGTMSE is said to have been instrumental in providing guarantee cover to
collateral and/or third-party guarantee-free credit facilities extended by eligible Member
Lending Institutions (MLIs) to MSEs.

Rizing is a new-age and inclusive entrepreneurial information network that aims to be
the true mirror reflecting Indian business, finance and technology in the expanse of not
just Asia, but also, the global stage. Crafted for the intellectually curious, it explores the
tenets that could help India become a $5 trillion economy: capital, innovation, technology,
ESG, sustainability, policy and more.

Qila is a Blockchain-as-a-Service (BaaS) platform that aims to help businesses adopt
Blockchain and crypto technologies to secure their business needs by minting
non-fungible tokens for real-world physical or digital assets on a private blockchain
network.

According to Shrija Agrawal, Founder – Rizing, “The Government of India has recognized
that for the country to skyrocket to become a $5 trillion economy by 2027, the MSME
sector is the fiery fuel that can help turbocharge this ambition”.

“The constraints related to finance, networking, skill development and access to
technology seem to, also, impact women entrepreneurs in the MSME space, yet they
constitute about 20% of the total registered MSMEs in India. While that’s a number that can drastically improve, with the CGTMSE, women-owned MSMEs could be further bolstered to contribute to India’s employment and make their mark. And Rizing wants to arm them with meaningful and tangible insights as well to take their business to the next
level”, declares Agrawal.

Chankya Opportunities Fund I, a SEBI Registered Category II Alternative Investment Fund managed by StepTrade Share Services has made a significant investment in digital transformation and product engineering firm Optimised Solutions Limited. This investment entails a total share allotment of 2,73,224 shares.

Ahmedabad-based Optimised Solutions specialises in providing test, measurement, and automation solutions tailored for aerospace and defence companies. The funds will be used by the company to further its expertise in delivering advanced automation solutions, embedded software solutions, IoT, and digital transformation. Optimised Solutions has been an industry player for over 18 years and plans to file an IPO in the year 2025-2026. Its offerings are designed to meet the industry demands in these high stakes sectors.

This investment strengthens StepTrade’s role in advancing the SME sector. “Through this investment, StepTrade is not only supporting a promising SME but also contributing to the broader growth of the Aerospace and Defence sectors, encouraging the Government preference towards this sector (recent budget allocation of 4.6 lakh crore),” said CA Kresha Gupta, Director and Fund Manager, StepTrade Share Services.

As the Investment Manager of Chanakya Opportunities Fund I, StepTrade manages its own SEBI Registered AIFs in Categories I, II, and III, as well as providing Portfolio Management Services (PMS). The consistent performance of these funds in the market since their inception highlights StepTrade’s robust investment strategy and effective fund management, instilling confidence in its stakeholders and investors.

StepTrade Share Services Private Limited recently received Special Economic Zone (SEZ) approval to set up its Global Fund office at GIFT City, Gandhinagar. The Rs 1000 crore India focused fund is expected to be launched soon after the Scheme approval. This strategic move marks a significant development in the financial landscape, particularly in the domain of SME- Exchange, looking that the fund will have special focus on Small Cap and Micro Cap.

India’s fintech industry saw a funding inflow of $61 million in July, taking the total investments of the year to $398 million. Funding in July 2023 stood at $51 million. Interestingly, the Wealthtech sector emerged as the highest-funded segment this month, securing funding of $52 million.

The funding of $61 million was spread across ten unique companies. The payments sector followed closely as the second-highest funded segment during the month. Wealth management company Deservraised$32 million, making Mumbai the highest-funded city for the month.Other notable investments during the month, included wealth-tech company Stable money which raised $15 million and payments company Dice, which raised $5 million.

Among the funded companies, several models have been gaining traction, such as new-age algorithmic trading platforms, alternative investment platforms, and goal-based trading platforms. Innovative models like one-stop business banking platforms for cross-border payments have also emerged.

With $398 million invested so far this year, investor interest has primarily focused on the enabler segments. However, the lending segment is also gaining traction. The limited instances of repeat funding, coupled with consistent investments in unique companies each month indicates the brewing innovation within the Indian fintech sector.

“Looking ahead, we anticipate segments like secured lending models, apps for MSMEs, trading and investment platforms and Banking as a service (BaaS) models to attract substantial investment in fintech. Driven by groundbreaking innovations and increasing investor interest, these sectors are experiencing significant growth within the fintech landscape,” said Sameer Singh Jaini, TheDigital Fifth founder.

Within the secured lending space, there is an expectation that digital property valuation startups will grow, andphygital journeys will be transformed into digital journeys, leading to process simplification and streamlining. Startups that provide modular LOS/LMS to support complex secure lending products are likely to thrive and CRM platforms that can handle assisted digital journeys are expected to gain traction.

During 2024, the fintech industry has seen 60 rounds of funding so far. In the year, 59 unique fintech firms were funded and the enablers segment raised a total of $148 million. Sectors like lending and payments raised $122 and $41 million respectively. Bangalore has remained the epicenter of funding in 2024, securing the highest share of fintech funding in India.

Veera, India’s mobile-only reward focussed internet browser, has reached a significant milestone by surpassing two million users within just three months of hitting its first million-user mark. This remarkable growth highlights Veera’s increasing popularity and its commitment to enhancing the digital experience for its users.

Since the launch of its beta version in September 2023 and the production version in February 2024, Veera has introduced an array of new features, including a cricket widget called Cricket Adda, Veera Games, enhanced privacy features, rewards, and most recently it’s content partnership with ABP Live. Recently, Veera unveiled a sleek, modern redesign for their app, making the browsing experience even more intuitive for our customers.

Veera aims to provide India’s over one billion smartphone users with a fast, safe, and private internet experience. The browser’s unique features and user-centric approach have made it a preferred choice among users looking for a seamless browsing experience.

“Surpassing two million users in such a short span is a testament to the hard work and dedication of our team, as well as the trust and support of our users. We are committed to continuously innovating and providing the best mobile browsing experience possible. We have a number of exciting features coming up this year that will keep evolving the internet experience and make the internet even more bindaas for our customers .” said Arjun Ghose, Founder & CEO of Veera.

Gemba Capital, a leading Sebi-registered Micro VC in the country, has announced the launch of its second fund with a corpus of INR 250 crore, including a green shoe option of INR 50 crore.

Fund-II will invest in~30 early-stage ‘Platform-first’ businesses across 3 focus sectors – Fintech, Consumer tech and B2B Platformswith first cheque of INR 5 Crores and ~30% reserve ratio for making follow-on investments. Digital “Platform-first” businesses are those which can create compounding moats through ecosystem creation, network effects or ability to stack value add layers.

Gemba Capital founded in 2018, is a high conviction, thesis led investor which writes low friction collaborative checks. ItsFund I of INR 70 croreis2022 vintagewith an average cheque size of INR 2 crore. Fund I was raised through investments from Family offices, Founders, and CXOs.Since inception, Gemba Capital has been consistent in their investment strategy of investing only is pre-seed/seed rounds across their focus sectors, investing in less than 10 deals a year and focusing on value addition in the portfolio companies. The firm has developed a proprietary ‘Founder Market Fit Framework’ that assists in identifying the right teams to back.

Commenting on the announcement, Adith Podhar, General Partner, Gemba Capital, said, “Our journey has evolved from investing proprietary capital to running anangel syndicate and then raising and investing from our INR 70 crore Fund-I. We are now looking to partner with institutional LPs for our INR 250 crore Fund-II. The Indian early-stagestartup ecosystem needs more institutional capital to be deployed through Single-Stage VC funds like us”, he adds.

“We are one of the leading institutional micro-VC funds in India at the seed stage and we remain committed to being a seed investor. Founders recognize the immense value we bring to the cap-table, which sets us apart. The fund has supported its portfolio companies in multiple areas, including customer introductions, fundraising and strategic planning”, adds Govind Lohia, Principal at Gemba Capital.

Emerging VC fund managers in India mustnavigate a challenging fundraise environment, but those who implement robust processesand maintain disciplined portfolio construct will always attract capital. Gemba Capital has a solid performance track record with successful exits and up rounds. It is targeting to achieve Final Close ofFund-II by the end of the year.

In a significant move to enhance the browsing experience of its users, Veera, India’s first mobile-only internet browser, has announced a strategic content partnership with ABP LIVE. This collaboration aims to provide Veera users with instant access to authentic, verified news powered by ABP LIVE and delivered ad-free on Veera. Users can view this content by downloading the latest version of Veera, version 1.2.40.

Veera, known for its user-centric, customized, and innovative browsing solutions, has always prioritized the quality and reliability of content accessible through its platform. This partnership with ABP LIVE, one of the most trusted names in news media, reinforces Veera’s commitment to delivering validated news to its users.

Commenting on this partnership, Arjun Ghose, Founder & CEO of Veera said, “In today’s digital age, the importance of providing users with accurate and verified news cannot be overstated. Our partnership with ABP LIVE reflects our unwavering commitment to this principle. We are excited to offer Veera users a trusted source of news, enhancing their browsing experience with reliable information. This collaboration is a significant step forward in our mission to make the internet a safer and more informative place for everyone.”

Added Sukhdeep Bhogal, COO & CPO of Veera, “The partnership with ABP LIVE to deliver news in a decluttered manner with our ad-free solution is just the first step in revolutionizing the way the news is consumed in India. We will also beta test our latest AI features with ABP by allowing users to instantaneously get text summaries of their favorite articles.”

ABP Network Spokesperson said, “We are delighted to partner with Veera. At ABP Network, our mission is to provide credible and timely news to our audience. By partnering with Veera, we are transforming how India will consume news and we look forward to conducting many more experiments in the days ahead on the platform. This collaboration is a testament to our commitment to journalistic integrity and technological excellence.”