Startup Digest: STG acquires Eka Software, Filter Capital secures ₹800 crore for maiden fund and more
Summary
Here are the top headlines from the startup space.
US-based PE firm STG acquires Eka Software
US equity firm STG has acquired Eka Software Solutions to merge with Quor Group, providing a comprehensive software suite. The Manav Garg-founded SaaS company is a global provider of commodity management solutions.
Eka specializes in commodities trade and risk management, while Quor focuses on Commodity Trading and Risk Management (CTRM) in the metals industry. The merger aims to meet diverse customer needs globally, addressing market volatility and supply chain disruption.
Eka Founder and CEO, Manav Garg, will continue as a board advisor of the combined entity, a statement said.
Filter Capital secures ₹800 crore for its maiden fund
Technology-focused venture capital firm Filter Capital has secured ₹800 crore funding for its maiden fund—Filter Capital India Fund I.
Indian institutional investors and family offices such as HDFC Fund of Funds, SIDBI, SRI Fund, Oister Global, DSP family office, Akash Prakash, the founder of Amansa Capital, and Harsh Jain, the CEO of Dream11 have committed to the fund, the VC firm said in a statement.
The fund has so far invested over 30% of its corpus across four investments in SaaS, consumer technology, and B2B services. The firm’s current portfolio companies include Capillary Technologies, an enterprise loyalty SaaS provider, Chalo Mobility, a bus mobility platform, LoadShare Networks, an e-commerce logistics services firm, and THB, an Asia-focused healthcare enterprise SaaS company.
Planys Technologies raises ₹43 crore from investor Ashish Kacholia
IIT-Madras incubated deep tech startup Planys Technologies has raised equity funds worth ₹43 crore from investor Ashish Kacholia. The funding round also saw participation from Samarthya Advisors, Golden Birch Investments, Cogniphy Angel Fund, Krishna Defence, and Impact India Investment Partners LLC.
As per the startup, the round also witnessed exits from many first-round seed investors.
“We intend to grow our operational capacity and enhance the inventory of underwater inspection solutions, covering high-end applications such as non-destructive testing of metal and concrete structures, specialized inspection robotics for the process and hydrocarbon industry, real-time monitoring applications, and advanced digital reporting solutions,” said said Vineet Upadhyay, Chief Technology Officer, Planys Technologies.
PlatinumRx secures $800,000 funding from IndiaQuotient
PlatinumRx, a healthcare startup, has raised $800,000 in a seed funding round from India Quotient, along with participation from several prominent angel investors.
PlatinumRx plans to utilize the funds to augment its warehousing and distribution network, enhancing its presence across the country and increasing its product offerings. By expanding its footprint, the company aims to reach more patients in need of affordable and high-quality medications, a statement said.
The startup claims to be delivering in 20,000+ pin codes within 2-3 days and providing same-day delivery in Bangalore. They have also partnered with multiple old age homes and rehab centers across Bangalore aiming to substantially decrease the medical expenses for the patients.
Digital banking platform Freo turns profitable
Peak XV-backed consumer lending app Freo has reported gross revenue of ₹350 crore for FY24. The company claims to have been profitable for the last four months since December 2023.
The firm said its gross revenues jumped 5X over the past five years and it has consistently maintained a positive contribution margin for three consecutive years.
With a pan-India presence spanning over 1200 cities, the company’s user base increased from 15 million in FY22 to an impressive 25 million by the end of FY24, a statement said.
Byju’s-owned Aakash Edcational Services appoints former Pearson India head Deepak Mehrotra as CEO
Byju’s-owned Aakash Educational Services Limited (AESL), has announced the appointment of former Pearson India head Deepak Mehrotra as its Managing Director (MD) and Chief Executive Officer (CEO).
Mehrotra comes with over 35 years of experience in executive positions spanning the fast-moving consumer goods (FMCG), telecom, and education sectors. Apart from serving as the Managing Director at Pearson India, his previous leadership roles include serving as the Managing Director at Ashirvad Pipes and holding positions at Bharti Airtel, Coca-Cola, and Asian Paints.
According to a statement from AESL, Mehrotra’s appointment aligns with its vision to enhance its offerings, expand its reach, and make a positive impact on the education landscape.
Flipkart launches bus bookings on its app to expand travel portfolio
E-commerce major Flipkart has launched bus services on its app and has partnered with multiple state transport corporations and private aggregators.
Flipkart will offer customers 10 lakh bus connections with connectivity to over 25,000 routes across India. This is in addition to the flight and hotel booking services that have been available under the Flipkart Travel banner, a statement said.
“With Flipkart’s strong presence in tier-2 and tier-3 markets, this move has enabled us to provide customers with a convenient and reliable solution for their inter-city travel needs,” said Ajay Veer Yadav, Senior Vice President, Flipkart.
Swiggy now delivers to houseboats on Dal Lake in Srinagar
Online food delivery platform Swiggy has said that it now delivers to tourists staying on houseboats on Dal Lake in Srinagar.
The company has partnered with Shikara operators who will assist local delivery partners to deliver to the doorsteps of the houseboats.
“The Swiggy houseboat delivery is a great example of the company’s mission of offering unparalleled convenience, no matter where the consumer is,” Sidharth Bhakoo, National Head of Business, Swiggy Food, said in a statement.
GLOBAL TECHNOLOGY and STARTUP NEWS
Microsoft to launch AI hub in London
Microsoft has announced plans for a new artificial intelligence (AI) hub in London, focused on product development and research.
The unit will be led by Mustafa Suleyman, the London-born cofounder of Google DeepMind, who Microsoft hired last month.
The move also represents a win for Britain, which has sought to bolster its credentials as a technology superpower since hosting the world’s first global AI safety summit in November.
Google’s contemplated mega deal would prompt new fight with regulators
Google parent Alphabet’s contemplated acquisition of marketing software company HubSpot, would likely spark opposition from regulators even as many experts agree it would not curb competition, and would require the technology giant to open a new front in its battle with antitrust watchdogs.
Reuters reported last week that Google was mulling an offer for HubSpot, which has a market value of $34 billion. Google has been weighing the antitrust risks of a potential deal and has yet to decide if it will make an offer.
According to technology researcher Gartner, HubSpot, which focuses on smaller customers, had a 4.9% market share in 2022 in the CRM marketing software industry, while Salesforce and Adobe each held a 15% share. Yet these experts also said it is very likely that a Google deal for HubSpot would trigger challenges from US and European antitrust regulators, given their growing aversion to technology giants getting bigger through acquisitions.
EU regulators assess Apple’s plan for complying with music streaming order
EU antitrust regulators are checking to see if an Apple proposal would comply with their order to let Spotify and other music streaming services inform users of payment options outside its App Store, the European Commission said.
The iPhone maker risks antitrust charges and fresh fines if its proposal announced last Friday fails to satisfy the EU competition enforcer, which issued its order together with a 1.84 billion euro ($2 billion) fine last month.
Under Apple’s proposal, the Swedish music streaming service Spotify and others can include a link to their websites to inform users of other ways to purchase digital goods or services, away from Apple’s App Store.
Brazil judge opens inquiry into Musk after refusal to block accounts on X
A standoff between Elon Musk and Brazil escalated when a Supreme Court judge opened an inquiry into the billionaire after Musk said he would reactivate accounts on the social media platform X that the judge had ordered blocked.
Musk, the owner of X and a self-declared free speech absolutist, has challenged a decision by Justice Alexandre de Moraes ordering the blocking of certain accounts. He has said X, formerly known as Twitter, would lift all the restrictions because they were unconstitutional and called on Moraes to resign.
Neither Musk, X nor Brazilian authorities have disclosed which social media accounts were ordered blocked. X first posted about the order to block on Saturday but it was not immediately clear when the order was issued.
Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout
3 Mins Read
Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter