Published By: Sayan Paul

Spotlight: Startup Buzz This Week

Check out this week's important updates from the Indian startup ecosystem.

Fintech unicorn Slice raises $8.6 Mn from founder & CEO Rajan Bajaj

Fintech unicorn Slice has raised (through the issuance of partly paid-up shares) approximately $8.53 million from its founder and CEO, Rajan Bajaj. As per the Bengaluru-based firm’s regulatory filing with the Registrar of Companies, its board approved a special resolution to issue 22,000 equity shares at a price of Rs 32,606 each. Also, according to reports, the investment by Bajaj will be completed in one or more tranches, focusing on the Slice's general corporate purposes.

Notably, this comes after the company's recent Rs 300 crore debt funding round, raised through convertible debt.

Credit: Indian Startup News

For the unversed, Slice offers prepaid accounts, UPI payments, and consumer credit, catering mostly to millennials. 

Tetr College of Business launches $10 Mn fund for early-stage student entrepreneurs

Tetr College of Business, a global business school headquartered in Bengaluru, has launched a $10 million fund called the ‘Tetr – Under 20' to support young student entrepreneurs. The fund is aimed at investing in at least 20 ventures, as part of Tetr's mission to empower the next generation of business leaders. It has a sector-agnostic approach, designated for fields such as artificial intelligence (AI), emerging technologies, sustainability, D2C, and healthcare among others.

Notably, the fund is led by renowned industry experts, including Manoj Kohli, Debesh Sharma, Viney Sawhney, Pratham Mittal, Mihir Mankad, and Nitin Gaur.

India's GenAI startup ecosystem grows over 260% in H1 2024

According to a report by NASSCOM, India's generative AI startup ecosystem saw a mammoth 260% growth in the first half of 2024. The report states that the total number of GenAI startups in India surged from 66 in the first half of CY2023 to more than 240 by the first half of 2024. This owes a lot to the rise of innovative product launches and the brilliant deployment of generative AI models. Some of the notable companies among them are Krutrim, Sarvam.ai, Nurix, and ZekoAI.

The report is based on over 110 startup interviews and a study of more than 240 active GenAI startups in India.

Credit: nasscom insights

Notably, in terms of GenAI startup ecosystems, India now ranks 6th among major economies globally.

Agnit Semiconductors raises $3.5 million in seed round

AGNIT Semiconductors (India's only vertically integrated Gallium Nitride semiconductor startup) has successfully raised $3.5 million in a seed funding round led by 3one4 Capital and Zephyr Peacock. In total, the Bengaluru-based startup has raised $4.87 million, with an aim to increase its production and commercial operations. The company now has a target of selling 100,000 semiconductor chips by next year.

Credit: 3one4 Capital

Notably, this marks 3one4 Capital and Zephyr Peacock's first investment in India’s semiconductor sector. Besides them, Lakshmi Narayanan (Cognizant's former chief executive officer and renowned angel investor) also participated in the round.

DronTech start-up PDRL signs MoU with Russia’s Stratus LLC

India's drone-tech startup PDRL recently signed a Memorandum of Understanding (MoU) with Russia’s software powerhouse, Stratus LLC, which specializes in unmanned aviation technology. This partnership is expected to integrate PDRL’s AeroGCS software with Stratus LLC’s UAVProf Drone Simulator, reshaping drone operations in both countries.

Credit: Dais World

Notably, PDRL’s AeroGCS software (used extensively in India's fast-growing agricultural sector) provides a ground control solution for drones. Stratus LLC’s UAVProf, on the other hand, is designed for UAV training and the development of drone control algorithms.

BlueStone names Axis, IIFL, and Kotak for next year's initial public offering

According to reports, new-age jeweler startup BlueStone has appointed Axis Capital, IIFL Securities, and Kotak Mahindra Capital Co. to assist with its planned $250 million initial public offering by the second quarter of next year.

The IPO will reportedly have a valuation of $1-1.5 billion, and the company expects to file its papers later this year. If all goes as planned, this public offering will be the first by a new-age jewelry startup in India.

Notably, founded in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, BlueStone offers over 8,000 designs across rings, pendants, earrings, and other products.

'Startup India' Reddit community names India's 'Best' and 'Worst' startup founders

The 'Startup India' community on Reddit recently conducted a poll on India's 'Best' and 'Worst' startup founders. Sridhar Vembu, the CEO of Zoho, was voted as the 'Best Founder' - thanks to his phenomenal business strategies, commitment to his products, and contribution to job creation. Byju Raveendran, the CEO and co-founder of the Edtech platform Byju's emerged as the 'Worst Founder'.

Raveendran was criticized for his unethical business decisions, misleading market practices, and promoting toxic work culture. In recent times, his company has faced enormous criticism for its unpaid salaries and large-scale layoffs.