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Startups

<p>India's foray into space technology has witnessed a monumental shift, with over Rs 1,000 crore invested in startups during the last nine months. Union Minister of State (Independent Charge) Science &amp; Technology; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Jitendra Singh reveals the impact of opening up the space sector for private players, driving unprecedented growth and innovation.</p>

<h3>Private sector boom</h3>

<p>The exponential growth from 1 private space startup in 2014 to a staggering 190 today highlights the sector's dynamic evolution. The minister emphasises the transformative potential, paving the way for a robust entrepreneurial ecosystem.</p>

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<h3>Catalysts for entrepreneurship</h3>

<p>Singh underscores the entrepreneurial opportunities, with the establishment of 'IN-SPACe' (Indian National Space Promotion and Authorisation Centre) and 'NSIL,' (NewSpace India Limited) facilitating public-private partnerships. This strategic move fosters collaborative projects and strengthens India's position in the global space market.</p>

<h3>Government initiatives driving growth</h3>

<p>A pivotal moment in India's space journey was the government's decision to scrap outdated rules, fostering a more citizen-centric governance model. Singh elaborates on how this shift eliminated hindrances and propelled the sector into a new era of progress.</p>

<h3>Sriharikota's open gates</h3>

<p>The symbolic gesture of opening Sriharikota's gates to all stakeholders signals a paradigm shift in inclusivity. The move promotes collaboration, innovation, and greater participation in India's space endeavors.</p>

<h3>Technology as the enabler</h3>

<p>The government's commitment to maximising technology's potential signifies a forward-looking approach. Singh emphasises the removal of obstructive rules, fostering an environment conducive to technological advancements.</p>

<h3>India's global leadership in technology</h3>

<p>Minister Singh predicts a future dominated by integrated, technology-driven growth. India's strides in artificial intelligence and quantum technology underscore its leadership role in pioneering frontier technologies.</p>

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<h3>Taking the lead</h3>

<p>India's proactive stance in frontier technology positions it at the forefront of global innovation.Singh envisions a world where India's technological prowess shapes the future of technological advancement.</p>

<p>India's space sector is witnessing an unprecedented surge in investment, driven by private sector enthusiasm, government initiatives, and a commitment to technological advancement. As India takes the lead in frontier technologies, the future promises integrated growth and global leadership.</p>


In the past nine months, India's space sector has experienced a remarkable investment in space startups, as disclosed by Union Minister of State Jitendra Singh.

India home to 190 privately owned space startups

In-SPACe promotes the participation of private sector in space tech

The number of startups in India has crossed the 1 lakh mark in India

Starstruck investments: Rs 1,000 cr ignites Indian space startups in the past 9 months 

India's Rs 1,000 cr space startup surge

Artificial Intelligence

<p>In a groundbreaking announcement, Prime Minister Narendra Modi unveiled a new artificial intelligence (AI) mission during the Global Partnership on Artificial Intelligence (GPAI) Summit 2023. This mission aims to propel AI applications in crucial sectors such as agriculture, healthcare, and education, reflecting India's commitment to technological innovation.</p>

<h3>PM Modi's vision for AI in India</h3>

<p>PM Modi expressed his determination to boost the AI compute power in India, making it accessible to Indian startups and innovators. The mission also includes the rollout of the AIRAWAT (AI Research, Analytics, and Knowledge Assimilation) initiative, featuring cloud computing infrastructure tailored for homegrown startups, research labs, and industry players.</p>

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<h3>Inclusive AI development</h3>

<p>While advocating for AI's inclusive development, PM Modi acknowledged the potential pitfalls, including deepfakes, data theft, and misuse by terrorists. He emphasised the need for a concrete plan to prevent AI misuse and called for a global framework for ethical AI use. According to PM Modi, AI is not just the bedrock of shaping the future; it also ensures economic progress, equality, and social justice.</p>

<h3>Union IT Minister's perspective</h3>

<p>Union IT Minister Ashwini Vaishnaw highlighted the fundamental questions raised by emerging technologies like AI, particularly in terms of societal impact. He reiterated India's commitment to harnessing AI's potential for inclusive growth, focusing on areas such as citizen services, accessible healthcare, and precision agriculture techniques.</p>

<h3>GPAI Summit 2023</h3>

<p>The three-day-long GPAI Summit, hosted in New Delhi's Bharat Mandapam, brought together representatives from 28 member countries and the European Union. Attendees engaged in discussions on urgent matters shaping the ever-evolving landscape of AI.</p>

<h3>Global AI expo</h3>

<p>Over 150 startups and major tech companies globally showcased AI applications and products at the Global AI Expo during the summit. This event highlighted the extensive opportunities for Indian startups and enterprises in the AI space.</p>

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<h3>Indian GenAI startups: A growing force</h3>

<p>The Rashmika Madanna deepfake episode underscored the risks of generative AI, but it also illuminated significant opportunities for Indian startups. As per media reports India is home to more than 70 GenAI startups, raising over $440 million between 2019 and Q3 2023, with support from over 80 Indian institutional investors.</p>

<h3>Engaging with global leaders</h3>

<p>PM Modi's call for a global framework aligns with India's role as the incoming support chair of the GPAI. This positions India at the forefront of shaping international discussions on AI ethics and regulation. Prime Minister Narendra Modi's announcement of the new AI mission marks a pivotal moment for India's technological advancement.</p>

<p>With a focus on inclusive development, ethical AI use, and global collaboration, India is poised to become a leader in the ever-evolving landscape of artificial intelligence.</p>


PM Modi unveils AI mission to enhance India's AI compute power, open to startups. AIRAWAT infrastructure and GPAI Summit 2023 showcase India's tech prowess. 

New AI mission aims to boost AI compute power in India for startups and innovators

PM Modi announced the AI mission at GPAI Summit 2023

India is hosting the GPAI Summit 2023 in New Delhi until 14 December

artificial intelligence

Ai for progress: PM Modi launches mission to revolutionise agriculture, healthcare, & education

India's AI triumph: agriculture, healthcare, beyond

<p>Sarvam AI, a homegrown generative artificial intelligence (AI) startup, recently closed a Series A funding round, raising an impressive $41 million. Led by ‘Lightspeed Ventures’, with participation from ‘Peak XV Partners’ and ‘Khosla Ventures’, this funding marks a significant milestone for the company.</p>

<h3>The funding journey</h3>

<p>The $41 million funding injection comes at a pivotal moment when investors are increasingly placing their bets on Generative AI startups in India. This funding is not just a financial boost for Sarvam but a testament to the growing recognition and potential of generative AI technologies in the country.</p>

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<h3>Sarvam's mission and vision</h3>

<p>Sarvam has outlined a clear mission — to create a population-scale impact by layering Gen AI on top of the highly successful India stack. This ambitious goal is specifically targeted at public-good applications, showcasing the company's commitment to making a positive societal impact.</p>

<h3>Founders' expertise and background</h3>

<p>Vivek Raghavan and Pratyush Kumar founded the startup in July 2023. The duo bring a wealth of experience to the table. With previous stints at Infosys and AI4Bharat, they have a solid foundation in the AI domain. Raghavan, in particular, played a pivotal role in building Digital Public Goods (DPGs) like Aadhaar, showcasing his deep understanding of the intersection of technology and public services.</p>

<h3>The Generative AI landscape in India</h3>

<p>Generative AI, a technology capable of producing various types of content, has been a buzzword globally. While software giants like SAP, Salesforce, and IBM have explored this space in the West, Indian SaaS and tech companies are now catching up. The rapid adoption of generative AI tools, such as ChatGPT, has led to a surge in Indian GenAI-based Software-as-a-Service (SaaS) startups, doubling in number since 2021.</p>

<h3>Sarvam's strategic approach</h3>

<p>Sarvam's strategic approach involves co-developing domain-specific AI models with Indian enterprises, leveraging their data. This not only ensures the customisation of AI solutions but also fosters collaboration between tech startups and established businesses, creating a symbiotic ecosystem.</p>

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<h3>Funding impact on Indian Generative</h3>

<p>AI startups Sarvam's funding success is part of a larger trend in India. The demand for generative AI tools has led to the emergence of numerous startups, collectively raising over $590 million in funding as of May 2023, according to a report by SaaSBoomi and McKinsey.</p>

<p>With the newly acquired funds, Sarvam is set to focus on India-specific offerings. This includes training AI models to support the diverse set of Indian languages and voice-first interfaces, addressing the unique linguistic and cultural landscape of the country.</p>


Unleashing a wave of innovation, Lightspeed Ventures and Peak XV join forces to propel Sarvam.AI to new heights with a groundbreaking $41 million injection in their Series A funding round.

Sarvam.AI secures $41M in Series A funding

The round was led by Lightspeed Ventures and Peak XV

The funding will drive the development of India-specific AI solutions

Peak XV & Lightspeed Ventures propel Sarvam.AI with $41M in Series A funding round

Lightspeed, Peak XV propel Sarvam.AI to $41M funding

<p>India, boasting a robust startup ecosystem, has garnered recognition for nurturing over 1.14 lakh startups. As revealed in the Parliament, Minister of State Som Parkash shared insightful data on the diverse facets of India's thriving startup landscape.&nbsp;</p>

<h3>Recognising India's startup prowess</h3>

<p>India stands as a home to a staggering 1,14,902 startups, a testament to the success of the Startup India initiative. Minister Som Parkash, in his parliamentary address, unveiled this statistic, showcasing the country's commitment to fostering innovation and entrepreneurial spirit.</p>

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<h3>Empowering women in the startup realm</h3>

<p>Highlighting inclusivity, Minister Parkash shed light on the presence of women in the startup realm. Out of the 1.14 lakh startups, a noteworthy 54,569 have at least one woman director, emphasising the diverse and inclusive nature of India's startup landscape.</p>

<h3>Fueling growth through financial support</h3>

<p>The government's commitment to fueling startup growth is evident in the significant capital infusion. A substantial INR 13,832.91 was directed towards 718 startups through Alternative Investment Funds (AIFs) under the Fund of Funds for Startups (FFS) scheme, spanning from 2018 to 2022.</p>

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<h3>Startup India Seed Fund Scheme: Nurturing innovation</h3>

<p>The Startup India Seed Fund Scheme, operational from FY22 with a corpus of INR 945 crore, plays a pivotal role in supporting startups from concept to market entry. This financial aid facilitates prototype development, product trials, and commercialisation.</p>

<h3>FFS Scheme: Access to domestic capital</h3>

<p>With a substantial corpus of INR 10,000 Cr, the Fund of Funds for Startups (FFS) scheme acts as a catalyst for startups to access domestic capital through AIFs. This initiative aims to strengthen the foundation of homegrown players in the startup ecosystem.</p>

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<h3>Credit Guarantee Scheme: Ensuring financial security</h3>

<p>DPIIT-recognised startups benefit from the Credit Guarantee Scheme for Startups (CGSS), offering credit guarantees for loans. This scheme enhances financial security, promoting a conducive environment for startups to flourish.</p>

<p>India's startup growth is propelled by a comprehensive action plan under the Startup India initiative. With 19 key areas of focus, spanning simplification and hand-holding, funding support, incentives, and industry-academia partnership, the plan aims to create a vibrant and sustainable startup ecosystem.</p>


India's thriving startup landscape, home to over 1.14 lakh startups, underscores the success of the Startup India initiative. MoS Som Parkash highlights the inclusive nature with presence of 54,569 startups with at least one woman director.

India home to more than 1.14 lakh startups

More than 50k startups have women at the helm

The figures were provided by MoS Som Prakash

India's startup ecosystem thrives with 1.14 lakh ventures, reveals Govt Oct data 

<p>Certain innovations emerge as transformative tsunamis, reshaping entire industries and creating unparalleled prosperity. These "Superwaves" begin as subtle ripples, gaining momentum until they bring about irreversible changes. The Internet, a monumental Superwave, exemplifies this phenomenon, driving broad utility, widespread adoption, and exponential growth.</p>

<p>Artificial Intelligence (AI) is the next wave that people need to learn to sail on. Amidst this dynamic wave, SenseAI Ventures has announced a pioneering fund, marking a significant chapter in the AI revolution.</p>

<h3>SenseAI Ventures unveils Rs 200 Crore fund&nbsp;</h3>

<p>SenseAI Ventures, an artificial intelligence (AI)-focused fund, marked Tuesday as a historic day with the launch of its Rs 200 crore SenseAI Fund I. This substantial investment is set to redefine the trajectory of AI-first startups in India.</p>

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<h3>The visionary behind SenseAI</h3>

<p>Ventures Rahul Agarwalla, the Co-founder of SenseAI Ventures, shares profound insights into the challenging yet transformative journey of AI-first startups. His vision extends beyond mere capital injection, emphasising bespoke support tailored to the unique needs of each startup.</p>

<h3>Global expert joins the ranks</h3>

<p>In a strategic move, SenseAI Ventures welcomes Raja Gopalakrishnan, former Executive VP of FIS, as the General Partner. Gopalakrishnan's global technology experience adds a new dimension to SenseAI's leadership, fostering innovation and growth.</p>

<h3>Advisory excellence: Guiding growth</h3>

<p>SenseAI Ventures assembles a stellar board of advisors, including industry veterans James Abraham and Utkarsh B. This advisory committee provides strategic guidance and insights crucial for the growth of SenseAI and its portfolio companies.</p>

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<h3>SenseAI's stellar track record</h3>

<p>Investing in AI-focused startups since 2017, SenseAI boasts four successful exits and a diverse portfolio of 12 startups. From AI SaaS to B2C solutions and AI Tools, their investments include Cureskin, Jovian, FloWorks, Skit, NewsBytes, and more.</p>

<h3>Market projections: The AI boom in India</h3>

<p>The AI market in India is on a trajectory to reach $4.11 billion in 2023, with a projected growth rate of 19.99 per cent, surging to $14.72 billion by 2030. SenseAI Ventures positions itself as a key player in this burgeoning landscape.</p>

<p>SenseAI Ventures emerges as a trailblazer in the AI investment realm, armed with a visionary approach, global expertise, and a track record of success. As the AI market in India skyrockets, SenseAI Ventures stands poised to lead the charge, shaping the future of AI-first startups.</p>


 In a bold stride towards advancing the Indian AI landscape, SenseAI Ventures not only rides the wave but creates it. With the launch of its groundbreaking fund, the future of Indian AI startups is not just envisioned; it's invested in.

SenseAI Ventures launches a Rs 200 crore fund for AI startups in India

AI market in India is projected to surge to $14.72B by 2030

The firm has been Investing in AI-focused startups since 2017

SenseAI Ventures' Rs 200 crore fund for AI startups aims to propel India to AI leadership 

AI revolution: SenseAI's Rs 200 Cr push for startups

<p>ZestMoney, a once-prominent Buy Now Pay Later (BNPL) fintech startup, announced its closure amidst struggles to revive its business under new management and regulatory uncertainty. This revelation came during a town hall meeting held on December 5, where the management disclosed the winding down process, leading to the unfortunate laying off of the remaining 130 employees.</p>

<h3>The changing leadership landscape</h3>

<p>Back in May, ZestMoney witnessed a significant shift in its leadership structure. Following the departure of three co-founders, the Goldman Sachs-backed fintech startup appointed a new leadership team to steer the ship. Abhishek Sharma, Mandar Satupte, and Mohit Chhajer assumed key roles, hoping to navigate ZestMoney through the challenging waters it was facing.</p>

<h3>The acquisition hurdles</h3>

<p>The departure of ZestMoney's founders, Lizzie Chapman, Priya Sharma, and Ashish Anantharaman, coincided with the decision by fintech giant PhonePe to halt its proposed acquisition of the company. This unexpected turn of events left ZestMoney employees in a state of uncertainty, compounded by the firm's struggle to raise fresh capital amid a funding winter.</p>

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<h3>Deal fallout and financial struggles</h3>

<p>The collapse of the deal between PhonePe and ZestMoney in March dealt a severe blow to the company. In April, ZestMoney had to make the tough decision to lay off 100 employees, constituting approximately 20 percent of its workforce. The deal's failure was attributed to various factors, including lapses in due diligence, disagreements over valuation, concerns about business sustainability, and challenges related to ZestMoney's shareholding structure.</p>

<p>PhonePe, during the evaluation phase of the acquisition, extended a $18 million loan to ZestMoney. However, when the deal fell through, ZestMoney found itself in a precarious position, with over 100 employees left without a clear path forward. The fintech firm, supported by heavyweights like Goldman Sachs and Xiaomi, had initially boasted a workforce of about 450 employees.</p>

<h3>ZestMoney's rise and peak</h3>

<p>Founded in 2015 by Chapman, Sharma, and Anantharaman, ZestMoney gained prominence by offering customers the flexibility to pay for products over time while enjoying them immediately. The rise of smartphone usage, coupled with affordable data plans and a surge in online shopping, fueled the demand for such pay-later services in India. At its zenith, ZestMoney boasted a registered user base of 17 million and was accessible at 85,000 retail touchpoints across the country.</p>

<h3>Valuation and funding rounds</h3>

<p>During its peak, ZestMoney achieved a valuation of $470 million in its last funding round. In September 2021, the company successfully raised $50 million, followed by an additional $20 million as part of its Series C round. Notable investors such as Australia's BNPL platform Zip, Goldman Sachs, Quona Capital, and Xiaomi contributed to ZestMoney's total funding of $140 million.</p>

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<h3>Financial performance in FY22</h3>

<p>Despite its earlier successes, ZestMoney faced a significant setback in the fiscal year 2021-22. The company reported a staggering 216 percent increase in losses, reaching Rs 398 crore, up from Rs 125.8 crore in the previous financial year. However, amid these challenges, ZestMoney's revenue managed to grow by 62 percent, reaching Rs 145 crore in FY22, compared to Rs 89.3 crore in 2020-21.</p>

<p>The demise of ZestMoney highlights the volatile nature of the fintech sector, where even well-established players can face insurmountable challenges. The journey from a valuation peak of $470 million to closure underscores the importance of adaptability and resilience in the ever-evolving landscape of financial technology.</p>

<p>As ZestMoney bids farewell, its story serves as a cautionary tale and a reminder of the complexities inherent in navigating the competitive and unpredictable world of BNPL.</p>


In a dramatic turn, ZestMoney, once a fintech frontrunner valued at $470 million, succumbs to funding challenges and regulatory woes. The closure of the startup highlights the harsh realities of the funding winter in the competitive landscape of Indian fintech.

ZestMoney once valued at $470 million, announces closure

Losses surged to 216% in FY22, reaching Rs 398 crore

The closure underscores challenges in the fintech sector

Funding winter strikes again: ZestMoney bows out to funding woes in fintech

Funding winter claims ZestMoney as its latest victim

<p>In a bold and ambitious move that mirrors his groundbreaking pursuits in the tech realm, Elon Musk, the visionary mind behind Tesla, SpaceX, and X, has set his sights on a staggering $1 billion funding goal for his latest venture, xAI.</p>

<p>xAI is an artificial intelligence startup that competes directly with the likes of DeepMind and OpenAI. Musk is endeavouring to raise a fraction of the capital synonymous with the social media giant Twitter, signalling a financial quest that rivals the scale of his previous technological triumphs.</p>

<h3>SEC filing: Progress and goals</h3>

<p>Elon Musk has secured $135 million from four undisclosed investors, which is a significant step towards his $1 billion funding goal. The SEC (Securities and Exchange Commission) filing, dated November 29, sheds light on the financial landscape, leaving Musk with a substantial $865 million gap to bridge.</p>

<h3>xAI's Grok: A challenger emerges</h3>

<p>Grok, xAI's cutting-edge AI project, is positioned as Musk's response to industry competitors like OpenAI's ChatGPT and Google's Bard. Grok distinguishes itself with a rebellious streak, promising to tackle "spicy" questions often avoided by other AI bots.</p>

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<h3>Grok's unique features</h3>

<p>The two-month-old Grok boasts features that set it apart, such as its rebellious nature and a commitment to answering unconventional questions. A key differentiator is its plan to provide real-time updates sourced from X. However, the challenge lies in its ability to discern between authentic news and misinformation.</p>

<h3>Development timeline</h3>

<p>Despite its relatively short development period, Grok is poised for a beta release to X Premium+ subscribers. The timeline underscores Musk's commitment to innovation, promising early access to subscribers eager to explore the AI bot's capabilities.</p>

<h3>Musk's departure from OpenAI</h3>

<p>Elon Musk, a co-founder of OpenAI, parted ways with the board in 2018. Recent events, including the firing and re-hiring of OpenAI's CEO Sam Altman, have fueled Musk's criticisms of the organisation, creating waves of confusion and concern within the AI industry.</p>

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<h3>Challenges ahead</h3>

<p>Raising an additional $865 million is no small feat, and potential investors may scrutinise Musk's management history with X. Addressing concerns surrounding leadership and decision-making will be crucial to securing the necessary funding for xAI's ambitious projects.</p>

<h3>Musk's tech influence</h3>

<p>As one of the most influential figures in the tech industry, Musk's endeavours have reshaped multiple sectors. His ability to drive innovation and captivate the public's imagination positions him as a formidable force in the pursuit of groundbreaking AI technology.</p>

<h3>The $865M challenge</h3>

<p>Analysing the financial magnitude of Musk's goal, it becomes evident that the $865 million challenge is substantial. However, Musk's track record of overcoming obstacles and achieving ambitious targets suggests that he is well-equipped for the task.</p>

<p>The success of Musk's fundraising venture hinges on maintaining investor confidence. Potential backers will carefully assess the risks associated with Musk's management style and weigh them against the potential rewards of supporting xAI's groundbreaking advancements.</p>


Elon Musk seeks $1B for xAI, challenging norms with Grok, an AI bot, set to revolutionise the industry. Explore Musk's journey, funding details, and the innovative features of xAI's flagship project.


Elon Musk aims to secure funds worth $1B for xAI

xAI's flagship project, Grok, poses as a rebellious AI with unique features

The Tesla founder has raised $135M so far

Musk's Money Mission: Tesla founder sets sights on $1B funding for xAI's evolutionary leap

Elon Musk's $1B bid for xAI brilliance

<p>As Indians, our love affair with Biryani is as old as time itself, and the culinary landscape has witnessed the rise of many champions in the art of crafting this delectable dish. Among them, Biryani By Kilo (BBK) stands out not just for its mouthwatering offerings but for transforming a culinary delight into a booming business. Biryani By Kilo has recently made waves with its Series C funding round, securing approximately $9 million (INR 72 Cr).</p>

<h3>Series C funding overview</h3>

<p>BBK's Series C funding comes as a strategic move to bolster its position in the fiercely competitive cloud kitchen market. With a focus on delivering biryanis, kebabs, kormas, and desserts, the startup has carved a niche for itself since its inception in 2015.</p>

<h3>Key investors and stakes</h3>

<p>Alpha Wave Ventures played a pivotal role in the funding, contributing INR 28 Cr. Other notable participants include Vevek Ventures, DSP HMK Holdings, IvyCap Ventures, Incred Wealth, and Clear Bridge Ventures. Post-fundraise, the stake distribution among investors unveils a strategic alignment for BBK.</p>

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<h3>Total funding milestone</h3>

<p>With the Series C funding, BBK has crossed the $50 million mark in total funding, reflecting investor confidence in its business model and growth prospects. Series C details The board of BBK passed a resolution to issue 18,086 Series C CCPS at an issue price of INR 39,800 per share, indicating a substantial valuation for the company.</p>

<h3>Regulatory filing insights</h3>

<p>Insights from the Registrar of Companies reveal the meticulous regulatory compliance by BBK, emphasising transparency in its financial dealings. Investment breakdown Breaking down the investment, Alpha Wave Ventures emerged as the largest contributor with INR 28 Cr, followed by IvyCap Ventures, Incred Wealth, and Clear Bridge Ventures with INR 16.5 Cr, INR 8.2 Cr, and INR 8.3 Cr, respectively.</p>

<h3>Stake distribution post fundraise</h3>

<p>Post-fundraise, Alpha Wave will hold a commanding 35.06% stake, while IvyCap Ventures, Incred, and Clear Bridge will hold 5.37%, 1.09%, and 1.10% stakes, respectively. The promoter shareholding is set to dilute to 17.31% from 19.14%.</p>

<h3>Founding and background</h3>

<p>Founded in 2015 by Vishal Jindal and Kaushik Roy, BBK has evolved into a prominent player in the cloud kitchen segment, capitalising on the growing demand for quality biryanis and associated delicacies. This Series C round comes two years after BBK's Series B round, where it secured $35 million from Falcon Edge Capital, SBI, and IvyCap Ventures in November 2021.</p>

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<h3>Competition landscape</h3>

<p>BBK faces competition from notable players like Rebel Foods’ Behrouz Biryani, Biryani Blues, Potful, and EatClub’s brands. The competitive landscape underscores the challenges and opportunities in the cloud kitchen domain.</p>

<h3>Strategic acquisitions</h3>

<p>In a strategic move last year, BBK acquired a majority stake in healthy dessert startup Get-A-Way, signalling diversification and an eye on evolving consumer preferences. Despite robust growth, BBK's financial report for the fiscal year 2021-22 reveals a net loss of INR 42.6 Cr, reflecting the dynamic nature of the food industry.</p>

<h3>Cloud kitchen market projection</h3>

<p>A report indicates that India’s cloud kitchen market size reached $969.5 million in 2023 and is projected to grow to $2.94 billion by 2032, suggesting a significant growth trajectory for BBK.</p>

<p>Biryani By Kilo's Series C funding marks a strategic milestone in its journey, positioning the company for further expansion and innovation. The dilution in promoter shareholding and strategic investments signal a commitment to sustained growth and market leadership. With a substantial funding injection and a strategic approach, BBK aims to capitalise on the projected growth of India’s cloud kitchen market.</p>


Explore the latest chapter in Biryani By Kilo's journey as it closes a noteworthy Series C funding. Beyond the financials, delve into the strategic landscape where culinary excellence meets investor confidence. 

Biryani By Kilo raises fresh funding 

Alpha Wave Ventures led the funding round 

The startup has raised $50 million in total funding

Biryani By Kilo spices things up with fresh funding, bags $9M in Series C round

Biryani By Kilo bags $9M in Series C funding round 

<p>Byju's, once hailed as the posterboy for edtech startup success, has encountered a series of challenges in recent times. Despite a surge in popularity, the startup is now grappling with significant problems adding to its woes. In another blow to the once-dominant edtech player, investment firm Prosus has slashed the startup's valuation to under $3 billion. This move marks an astonishing 86% decline from Byju's peak valuation of $22 billion just a year ago.</p>

<h3>Unravelling Byju's valuation saga</h3>

<p>Investment firm Prosus has recently made headlines by marking down the value of its stake in Byju's to less than $3 billion. This surprising move represents an 86% reduction in the valuation of the edtech giant from its peak of $22 billion in October of the previous year.</p>

<h3>Prosus's investment journey</h3>

<p>Prosus, a significant investor in Byju's since 2018, initially invested $536 million. In June 2023, it revalued its investment to $493 million, marking an 8% decline. The recent markdown, as confirmed by Ervin Tu, interim CEO of Prosus, during an earnings call, has sent shockwaves through the investment community.</p>

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<h3>Blackrock's involvement</h3>

<p>Adding to the concerns, Byju's early backer, Blackrock, has also marked down its investment in the company. The joint markdowns from these major backers intensify the challenges for Byju's, which has been grappling with various issues.</p>

<h3>Impact on Byju's</h3>

<p>The substantial markdown by its major backers has added to the troubles faced by Byju's. The company has been under scrutiny from investors, its board, employees, and the media. Notably, Byju's has long held the top position in the edtech space, surpassing competitors like Unacademy, Vedantu, upGrad, LEAD, among others, in terms of valuation.</p>

<h3>Byju's valuation landscape</h3>

<p>Examining Byju's historical valuation reveals its dominance in the edtech sector. However, the past 12 months have been tumultuous for the Bengaluru-based giant, marked by mass layoffs, top-level attrition, and legal battles with entities such as the Enforcement Directorate and the Board of Control for Cricket in India (BCCI).</p>

<h3>Turbulent period for Byju's</h3>

<p>The challenges faced by Byju's include not only financial setbacks but also legal troubles. The company has been taken to court by debt investors after failing repayment deadlines. Prominent entities like Peak XV (formerly Sequoia), Prosus, and Chan Zuckerberg withdrew their representation from Byju's board due to the firm's failure to disclose audited financial statements for FY22 and FY23.</p>

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<h3>Debt investors and legal battles</h3>

<p>The legal battles and withdrawal of representation have raised concerns about Byju's transparency and financial health. The company now faces the daunting task of regaining trust, especially with debt investors and entities that were once integral to its board.</p>

<h3>The road ahead for Byju's</h3>

<p>As Byju's navigates through this challenging period, the road ahead is fraught with obstacles. Overcoming these challenges will require strategic moves, transparency, and a commitment to rebuilding trust. The edtech giant needs to address the concerns of its stakeholders and implement measures to ensure a more stable future.</p>

<p>Prosus's markdown on Byju's stake signals a significant shift in the edtech landscape. The challenges faced by Byju's are not only financial but also reputational. The company's response in the coming months will determine its ability to weather the storm and regain its standing in the industry.</p>


Investment firm, Prosus, has made headlines by marking down the value of its stake in Byju's to less than $3 billion. This surprising move represents an 86% reduction in the valuation of the edtech giant.

Investment firm Prosus marks down Byju's valuation

Byju’s achieved a peak valuation of $22B in October 2022

The startup has been facing turbulent times its creditors

Byju's valuation plummets: A steep decline from $22B to under $3B within a year

Byju's valuation tumbles from $22B to $3B in a year

<p>‘Sam Altman’, on his visit to India earlier in June 2023, had remarked about India's ability to create AI models like ChatGPT and had termed the attempt to create one 'hopeless'. However, Indian startups working with artificial intelligence have been seeing tremendous growth and support. In a recent development, tech behemoth Google is poised to inject an additional $4M into Corover, an Indian conversational artificial intelligence startup. This move follows an earlier $500,000 investment after a strategic partnership pact signed earlier this year.</p>

<h3>Corover: A brief overview</h3>

<p>Corover, founded in 2016 by Ankush Sabharwal, Kunal Bhakhri, Manav Gandotra, and Rahul Ranjan, has garnered support from diverse backers. Apart from Google, notable names include CanBank Venture Capital Fund, Lead Angels, Cognify, Karekeba Ventures, and IIIT-Delhi. Google, acting as a strategic partner, extends support to Corover with credit for accessing cloud computing services.</p>

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<h3>BharatGPT: Corover's flagship model</h3>

<p>Corover stands out among Indian conversational AI startups for its BharatGPT—a large language model (LLM). The latter supports over a dozen Indian languages, making it a versatile and inclusive AI tool.</p>

<h3>Google's continued investment</h3>

<p>Google's initial investment of $500,000 in Corover solidified its strategic partnership with the startup. This collaboration involved Google supporting Corover with credit access for cloud computing, emphasising the tech giant's commitment to fostering innovation in the AI sector.</p>

<h3>The prospective $4M injection</h3>

<p>Media reports indicate that Google is contemplating a substantial $4M equity investment in Corover. This move aligns with the imminent official launch of BharatGPT, suggesting Google's confidence in Corover's capabilities and potential market impact.</p>

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<h3>Corover's clientele and government advocacy</h3>

<p>Corover's clientele boasts prominent names such as IRCTC, NPCI, ICICI Prudential, ITC, Max Life Insurance, Bosch, Karnataka Tourism, and Israel Tourism. This diverse portfolio underscores the startup's influence across various sectors.</p>

<h3>Government advocacy for Indian languages</h3>

<p>The Indian government has been actively advocating the integration of Indian languages in conversational AI. This aligns with Corover's mission of enhancing user convenience across domains. Recent initiatives, like the National Payments Corporation of India's Bhashini project, exemplify this commitment.</p>

<h3>Industry impact and scaling plans</h3>

<p>Corover's position in the AI landscape is crucial, given its innovative approach to conversational AI. The proposed $4M investment is earmarked for business scaling, signifying Corover's ambitions to broaden its impact and influence in the market.</p>

<h3>Collaborative ventures</h3>

<p>Collaborative ventures with entities like CanBank Venture Capital Fund, Lead Angels, Cognify, Karekeba Ventures, and IIIT-Delhi position Corover for sustained growth. This collective support amplifies its potential for transformative initiatives in the AI sector.</p>

<h3>BHASHa integration by NPCI</h3>

<p>The National Payments Corporation of India (NPCI) recently announced BHASHa, a project aimed at enabling conversational payments in Indian languages. This aligns with the broader narrative of incorporating regional languages, further validating Corover's mission.</p>

<p>As Google contemplates a substantial investment in Corover, the Indian AI landscape anticipates transformative shifts. Corover's innovative solutions, diverse backing, and collaborative ventures position it as a key player in the conversational AI domain. The $4M&nbsp;injection, coupled with government advocacy for linguistic inclusivity, underscores Corover's potential to shape the future of AI in India.</p>


Discover the latest on Google's potential $4M investment in Indian AI startup Corover. Corover was founded in 2016 by Ankush Sabharwal, Kunal Bhakhri, Manav Gandotra, and Rahul Ranjan.

Google likely to inject $4M in AI startup,‘Corover’

It had earlier invested $500,000 in Corover

Corover's clientele boasts prominent names such as IRCTC, NPCI, etc.

Google's multi-million dollar boost: AI startup Corover set to receive $4M injection

Google to invest another $4M in AI startup Corover

<p>Digital payments unicorn PhonePe, backed by Walmart, is on the brink of revolutionising the financial landscape. The company, currently in the final stages of integration with five lenders, traditional banks, and non-banking finance companies alike, is gearing up to enter the consumer lending space by January next year. Over the next six to seven months, PhonePe plans to launch a variety of consumer credit products. This move signifies PhonePe's strategic expansion, operating initially as a distributor for personal loans.</p>

<h3>Integrating with financial powerhouses</h3>

<p>PhonePe's imminent foray into consumer lending is marked by its integration efforts with five prominent lenders. This includes collaboration with both traditional banks and non-banking finance companies, positioning PhonePe as a comprehensive financial services platform.</p>

<h3>A consumer credit product range on the horizon</h3>

<p>Within the next six to seven months, PhonePe plans to unveil a diverse array of consumer credit products. The company is diligently enhancing its underwriting capabilities to ensure alignment with the lender's criteria, ensuring a gradual rollout of these offerings to consumers.</p>

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<h3>Focus on distribution and monetisation</h3>

<p>While considering the possibility of a credit line offering in the coming year, PhonePe is presently prioritising the monetisation of its user base. The current internal focus is on capitalising on its substantial distribution capabilities, aiming to replicate the success achieved in insurance distribution.</p>

<h3>Success in insurance distribution</h3>

<p>PhonePe has already established itself as a distribution platform for various insurance products, including life, health, motor, and car insurance. Collaborations with partners like Acko facilitate users in making monthly subscription payments through the Unified Payments Interface (UPI).</p>

<h3>Merchant lending and diversification</h3>

<p>In a bold move earlier this year, PhonePe entered the merchant lending space, launching a marketplace for banks and NBFCs to offer credit to its 35 million merchant base. The platform is diversifying its product offerings through continuous launches, showcasing its commitment to innovation.</p>

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<h3>Indus appstore developer platform</h3>

<p>Further expanding its reach, PhonePe introduced the Indus Appstore Developer Platform for Android app developers. This move positions PhonePe to compete with industry giants like Apple and Google. The platform allows developers to upload apps using its self-serve developer platform.</p>

<h3>Stellar financial performance</h3>

<p>PhonePe's financial performance speaks volumes about its success. Recording a revenue of INR 2,914 Cr in the financial year ended 31 March, 2023, the company witnessed an impressive 77% increase from INR 1,646 Cr in FY22. This growth is attributed to the surging popularity of money transfers, mobile recharges, and bill payments through the platform.</p>


PhonePe is finalising integration with five lenders, comprising traditional banks and non-banking finance companies. Over the next six to seven months, PhonePe plans to launch a variety of consumer credit products. 

Fintech startup PhonePe to foray into consumer lending space

The move is likely to be completed by January next year

It recorded a revenue of INR 2,914 Cr in the financial year ended 31 March

Financial footprints: PhonePe's baby steps into consumer lending by January next year

PhonePe's baby steps into consumer lending by January next year

<p>Elon Musk's brain implant startup, Neuralink, has raised USD 43 million in fresh rounds propelling it closer to achieving its audacious goal. Neuralink's mission, to create a universal brain interface unlocking human potential, envisions a future where thoughts seamlessly translate into computer commands, creating human-machine hybrids.</p>

<p>This latest funding surge not only enhances Neuralink's financial standing but also accelerates its journey to empower individuals with unmet medical needs, aiming to enable those with paralysis to operate computers or phones through brain activity alone in the near future. Founded in 2016 by Elon Musk, the company has recently secured clearance for human trials.</p>

<h3>The SEC filing revelation</h3>

<p>This week’s SEC filing unveils Neuralink's impressive fundraising feat, led by Peter Thiel’s Founders Fund. A substantial increase from $280 million to $323 million in August involved participation from thirty-two investors. This surge emphasises the growing interest and confidence in Neuralink's vision and potential.</p>

<h3>Valuation mystery</h3>

<p>Despite the recent financial injection, Neuralink has kept its valuation under wraps. In June, Reuters reported an approximate $5 billion valuation after private stock trades. This financial ambiguity adds an intriguing layer to Neuralink's narrative.</p>

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<h3>Sewing machine-like implantation device</h3>

<p>Neuralink's ingenious sewing machine-like device is a marvel of innovation. It delicately implants ultra-thin threads into the brain, attaching them to a custom-designed chip equipped with electrodes. This chip holds the key to reading information from groups of neurons.</p>

<h3>Wireless implants and increased electrodes</h3>

<p>While brain-signal-reading implants have a longstanding history, Neuralink disrupts the norm by making them wireless and enhancing the number of implanted electrodes. This innovation is a pivotal step towards achieving seamless integration between technology and the human brain.</p>

<h3>Clinical trials and FDA approval</h3>

<p>May marked a significant milestone for Neuralink as it received FDA approval for human clinical trials. This approval, following a prior rejection, allowed the company to embark on its first human trials under an investigational device exemption granted by the FDA.</p>

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<h3>Scrutiny and controversies</h3>

<p>Neuralink faces allegations of a toxic workplace culture, as reported in a January 2022 Fortune article. Former employees describe a culture of blame and fear, with Elon Musk's direct involvement in addressing complaints contributing to internal conflicts.</p>

<h3>Ethical concerns in animal testing</h3>

<p>In 2022, the Physicians Committee for Responsible Medicine (PCRM) accused Neuralink and its former research partner, UC Davis, of mistreating monkeys during testing. Rushed timelines demanded by Musk for fast results, resulted in complications, including partial paralysis and brain swelling.</p>

<h3>Federal investigations and lawmakers' inquiry</h3>

<p>For nearly a year, Neuralink underwent a federal investigation by the U.S. Department of Agriculture (USDA) concerning animal welfare violations. While the USDA found no evidence except for a self-reported incident in 2019, the PCRM disputed the investigation's results.</p>

<p>Despite its remarkable technological strides, Neuralink faces formidable challenges in navigating ethical concerns and workplace culture. The journey toward seamlessly integrating technology with the human brain is both awe-inspiring and fraught with controversy.</p>


Neuralink, Elon Musk's brain implant startup, raised USD 43 million in venture capital, totaling USD 323 million in funding. Established in 2016, Neuralink's innovative device implants ultra-thin threads in the brain, connecting to a specialised chip with electrodes for reading neuron group data.

Elon Musk's brain implant startup Neuralink raises $43M

Neuralink's innovative device implants ultra-thin threads in the brain

It received FDA approval for human clinical trials earlier in May

Neuralink, Elon Musk's brainchild, secures $43M boost for brain implant innovation

Neuralink secures $43M boost for brain implant innovation

<p>The eagerly awaited thaw in the Funding Winter, initially predicted for the later stages of 2023, still lingers, casting a shadow over the vibrant startup ecosystem. Funding Winter, a term that paints the picture of startups facing a chilling reduction in financial backing, made its global debut in 2022. Its echoes are still felt, adding a touch of suspense to the ever-evolving landscape of Indian technology startups.</p>

<p>The third quarter of 2023 does not paint a pretty picture as the Funding Winter's icy grip tightens, resulting in a noticeable slowdown in funding activities. The NASSCOM-Zinnov report, aptly named "Tech Start-ups Quarterly Investment Factbook Q3 CY2023," sheds light on the challenges faced by startups during this period.</p>

<p>However, amidst the hurdles, there's a glimmer of hope and resilience. Government initiatives are signalling a strategic shift, extending support to breathe new life into the tech startup ecosystem.</p>

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<h3>Funding landscape: A struggle to sustain momentum</h3>

<p>The <a href="https://nasscom.in/knowledge-center/publications/tech-start-ups-quarterly-investment-factbook-q3-cy2023">report reveals</a> that funding for tech startups in Q3 CY2023 totalled USD 1.2 billion, reflecting a 20 percent decrease Q-o-Q and a staggering 50% drop Y-o-Y. Comparatively, the Q2 CY2023 figures stood at USD 1.5 billion. The cumulative funding from January to September CY2022 amounted to USD 15.9 billion, contrasting sharply with a modest USD 3.8 billion during the same period in CY2023. Additionally, the number of deals in Q3 CY2023 decreased by 10% Q-o-Q and 40% Y-o-Y.</p>

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<h3>A uniform decline across all stages</h3>

<p>The funding downturn is felt across all start-up stages, with an average drop of over 45% Y-o-Y. Early-stage funding has been particularly affected. Late-stage funding, while not immune, continues to slump, representing only approximately 20% of the total funding witnessed in CY2022 during the first nine months of CY2023.</p>

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<h3>&nbsp;</h3>

<h3>Mergers and acquisitions: A sharp decline</h3>

<p>Mergers and acquisitions (M&amp;A) deals during the first nine months of 2023 experienced a significant decline of 48% compared to the same period in 2022. The number of M&amp;A deals in the first three quarters of 2023 totalled 87, down from 179 in the corresponding period in 2022. Furthermore, there has been a noteworthy Q-o-Q decline of over 25% in ticket sizes across all funding stages in Q3 2023.</p>

<h3>Government initiatives: A ray of hope</h3>

<p>In response to the challenging funding environment, the Indian government has launched several initiatives during Q3 2023 aimed at bolstering the global growth prospects of the Indian tech start-up ecosystem:</p>

<p><strong>BRICS Start-up Forum:</strong> Launched to promote digital transformation through the integration of global industrial and supply chains.</p>

<p><strong>India - Saudi Arabia Start-up Innovation Bridge:</strong> A collaborative effort fostering innovation exchange and economic opportunities between the two nations.</p>

<p><strong>Start-up G20 Communique:</strong> A forward-looking approach to harmonize the global start-up economy through international collaboration.</p>

<p><strong>Draft DeepTech Policy:</strong> Geared towards enhancing the ecosystem through increased research and development (R&amp;D) investment and knowledge commercialization partnerships.</p>

<p><strong>Tax Exemption in Space Tech Sector:</strong> A strategic move providing tax exemptions for private sector companies operating in the Space Tech sector, aimed at providing a competitive business advantage.</p>

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	<li class="editor-readmore"><a class="editor-rel-content" href="https://www.web3cafe.in/artificial-intelligence/story/bill-gates-envisions-a-3-day-work-week-fueled-by-ai-715914-2023-11-24">The future of work: Bill Gates advocates for a 3-day week, thanks to AI’s transformative power</a></li>
</ul>

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<h3>Unicorn amidst drought: Zepto emerges</h3>

<p>In a market grappling with funding challenges, Zepto emerged as the first unicorn of 2023, breaking a drought that persisted for three consecutive quarters. The achievement underscores the resilience and potential of certain players in the Indian tech start-up space.</p>

<p>While the funding scenario for Indian tech start-ups in Q3 CY2023 presents a challenging picture, the proactive steps taken by the government suggest a commitment to rejuvenate the ecosystem. The industry remains cautiously optimistic, recognising that strategic policy measures and innovative solutions are crucial for navigating the current headwinds and steering towards a more robust future.</p>


The third quarter of 2023 does not paint a pretty picture for funding in the tech startup ecosystem as the Funding Winter's icy grip tightens, resulting in a noticeable slowdown in funding activities. The NASSCOM-Zinnov report, aptly named "Tech Start-ups Quarterly Investment Factbook Q3 CY2023," sheds light on the challenges faced by startups during this period.

Q3 CY2023 funding totalled USD 1.2 Bn which is 20% lower Q-0-Q, and 50% lower Y-o-Y

Number of funding deals in Q3 CY2023 lower by 10% Q-0-Q, 40% lower Y-o-Y

Over 25% Q-0-Q decline in ticket sizes across all stages in Q3 2023

Indian tech startups funding gloomy in Q3, government initiatives signal course correction

Indian tech startups navigate funding slump in Q3

<p>Tech giant Adobe has made a strategic move by acquiring Rephrase.ai a Bengaluru-based AI-powered video creation platform amid the generative AI boom. This acquisition not only marks Adobe's debut in the Indian startup ecosystem but also signifies its first entry into the world of generative AI startups.</p>

<h3>Adobe's leap into generative AI</h3>

<p>Adobe's venture into generative AI is not new. The company has been actively developing products within its Creative Cloud suite, featuring editing and workflow management tools like Premier Pro, After Effects, Audition, Character Animator, and Frame.io. Earlier this year, Adobe introduced its own generative AI model, Firefly, aiming to integrate generative AI tools into its suite of apps and services.</p>

<div id="tab-link-wrapper-plugin">
<div class="heading-text">Also Read</div>

<ul class="tab-link">
	<li class="editor-readmore"><a class="editor-rel-content" href="https://www.web3cafe.in/cryptocurrency/story/binance-ceo-cz-resigns-43-billion-settlement-715092-2023-11-22">Binance CEO Changpeng Zhao resigns amidst $4.3B settlement in landmark legal case</a></li>
</ul>

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<h3>The acquisition: A game-changer</h3>

<p>Media reports suggest that the acquisition of Rephrase.ai is poised to accelerate Adobe's ability to offer AI-powered video content tools to its vast customer base. This move reflects Adobe's commitment to staying at the forefront of technological advancements in content creation.</p>

<h3>Team integration and financial implications</h3>

<p>Following the acquisition, a significant number of Rephrase.ai's team members are expected to join Adobe, signalling a seamless integration of talent. Furthermore, Rephrase.ai's investors, including Lightspeed India and Silver Lake, are set to receive a complete cash exit. Founders Ashray Malhotra, Nisheeth Lahoti, and Shivam Mangla will reportedly be compensated with a combination of cash and Adobe stock.</p>

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<div class="heading-text">Also Read</div>

<ul class="tab-link">
	<li class="editor-readmore"><a class="editor-rel-content" href="https://www.web3cafe.in/visualstories/news/top-3-tech-ceos-pushed-out-of-companies-just-like-sam-altman-77337-21-11-2023">Top 3 Tech CEOs Fired By Their Own Companies</a></li>
</ul>

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<h3>Rephrase.ai: Pioneering generative AI for video creation</h3>

<p>Rephrase.ai, backed by prominent investors, has garnered $13.9 Mn in funding to date. Noteworthy is the $10.6 Mn raised in a round led by Red Ventures in September last year. The startup specialises in using generative AI to convert text into engaging video content. Its applications span from assisting influencers and video creators in building digital avatars to empowering marketing teams with versatile video content.</p>


Global tech giant Adobe has ventured into the Indian tech startup ecosystem by acquiring generative AI video-creation platform Rephrase.ai

Adobe debuts in the Indian startup ecosystem

Rephrase.ai is a generative AI video creation platform

Rephrase.ai has garnered $13.9 Mn in funding to date

Adobe

Adobe acquires Bengaluru-based video-creation AI startup Rephrase.ai

 Adobe acquires video-creation startup Rephrase.ai

<p>Peak XV Partners, which is a venture capital fund focusing on investments in early-stage startups in India and Southeast Asia, reveals its ninth Surge cohort, primarily centered around AI and deeptech.</p>

<p>On the other hand, Y Combinator, a well-known startup accelerator and venture capital firm, based in the United States, boasts over 200 startups in its recent batch, with more than 50 percent of these startups focusing on AI. However, less than 10 are based in India, prompting questions about India's AI startup landscape.</p>

<p>It must be noted that Shailendra Singh, Peak XV's Managing Director, asserts their continued investment in India's growing AI market. The cohort includes startups like Dozer, aiding real-time data application programming interface (API) creation; Elivaas for villa management; and Ethereal MacMachines, specialising in precision engineering. Other startups cover quantum computing, semiconductor solutions, healthtech, climate tech, and more.</p>

<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">We’re thrilled to welcome the founders of <a href="https://twitter.com/hashtag/Surge09?src=hash&amp;ref_src=twsrc%5Etfw">#Surge09</a> to our community! These builders are pioneering innovations across industries, with 10 of 13 startups leveraging AI and DeepTech to solve global challenges. Read more here: <a href="https://t.co/4wH7gnGn3h">https://t.co/4wH7gnGn3h</a> <a href="https://t.co/GtwPfXr7tq">pic.twitter.com/GtwPfXr7tq</a></p>
— Surge (@_surgeahead) <a href="https://twitter.com/_surgeahead/status/1716260975517835536?ref_src=twsrc%5Etfw">October 23, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<h3>XV’s support since 2019</h3>

<p>Since 2019, XV, leading early investor in India and Southeast Asia, has become the top investor for early-stage companies in India and Southeast Asia, backing over 140 firms and helping them raise over $2 billion in additional funding.</p>

<h3>Growing competition of Indian industry</h3>

<p>As more and more venture firms compete in India, Peak XV Partners sees this as a good thing. They believe it can benefit startup founders and improve the overall startup scene.</p>

<p>In addition, the latest Surge Cohort includes two startups from Australia, showing that Peak XV is actively exploring opportunities in the Australian market, especially in the field of software companies.</p>


Peak XV Partners, a fund for India and Southeast Asia, reveals its ninth batch of early-stage startups. Most of the 13 new companies specialise in AI and deeptech.


Peak XV powers 140+ startups in India and Southeast Asia with $2 billion in funding since 2019

Surge cohort expansion reflects peak XV's exploration of Australian software ventures

Peak XV starts startups community Surge

Peak XV's Surge programme showcases pioneering AI & deep tech startups in ninth cohort

AI & deep tech startups shine in Peak XV's latest surge cohort

Blockchain

<p>Soramitsu, a Japanese blockchain startup, is expanding into innovative applications of <a href="https://www.web3cafe.in/emerging-tech/cbdc">Central Bank Digital Currencies</a> (CBDCs) with a fresh initiative focused on a cross-border payment system for Asian nations.</p>

<p>Within this endeavour, Soramitsu aims to integrate Cambodia's CBDC and fiat-pegged stablecoins into a new payment system aimed at countries such as India, China, <a href="https://www.web3cafe.in/cryptocurrency/story/japan-blockchain-association-pleads-pleads-with-the-government-to-change-the-tax-related-rules-for-crypto-assets-625934-2023-08-03">Japan</a>, and Southeast Asian regions.</p>

<p>This initiative leverages Soramitsu's prior involvement in CBDC projects, including its participation in Cambodia's Bakong project and the Lao kip CBDC initiative in Laos, as reported by Nikkei on 8 August.</p>

<h3>Bakong success drives Soramitsu</h3>

<p>Bakong, introduced in 2020, is a collaborative effort between the public and private sectors in Cambodia, enabling residents to make in-store payments and money transfers through a mobile app using the local Riel currency or U.S. dollars.</p>

<p>Over time, Bakong's influence has extended to Malaysia, Thailand, and Vietnam. By the end of 2022, Bakong had garnered approximately 8.5 million users and processed roughly $15 billion in transactions.</p>

<p>Soramitsu's expansion plan involves targeting additional Southeast Asian nations. A key component of this plan is the establishment of a Japanese platform for stablecoin exchange. This platform would facilitate currency conversions across various countries.</p>

<p>For instance, if a Thai user wished to buy products from a Japanese online store, the payment would be transmitted as a dollar-denominated Bakong and then transformed into a yen-denominated stablecoin.</p>

<div id="tab-link-wrapper-plugin">
<div class="heading-text"><strong>Also Read</strong></div>

<ul class="tab-link">
	<li class="editor-readmore"><a class="editor-rel-content" href="https://www.web3cafe.in/blockchain/story/jp-morgan-extends-blockchain-development-in-performing-euro-payment-with-jpm-coin-604617-2023-06-26">Here’s how JP Morgan activates Euro payment settlement with JPM Coin</a></li>
</ul>

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<h3>Payment network aims lower fees via stablecoin transfers</h3>

<p>One notable feature of Soramitsu's envisioned payment network is the anticipation of reduced transaction fees. The company's rationale is that implementing stablecoins, which can be transferred independently of existing interbank payment systems, would facilitate these fee reductions.</p>

<p>To bring this cross-border payment network to life, Soramitsu has joined forces with Tokyo-based digital services company Vivit and the Tama University Center for Rule-making Strategies.</p>

<p>Collaborations with major e-commerce platforms are also being pursued. Additionally, Soramitsu is collaborating with Japan's Mitsubishi UFJ Trust and Banking, among other partners, to construct the necessary exchange infrastructure.</p>


Japanese startup Soramitsu utilises CBDCs for cross-border payments in Asia, focusing on innovative applications and integration of CBDCs.


A Japanese blockchain startup launches a cross-border payment system for Asia

Japan introduces a platform for stablecoin exchange to enable smooth currency conversions

Payment network aims for lower fees via stablecoins, bypassing traditional interbank systems 

Japanese blockchain utilises CDBCs for cross-border payments 

Japanese blockchain startup Soramitsu explores cross-border CBDC payment system for Asian nations

Soramitsu explores CBDC system for cross-border Asian payments

<p>Have you ever been at sea, stuck in the middle of a ravaging storm with buffeting winds and you start feeling that your boat would capsize? What if we told you there is&nbsp;a technology that can stop the ship from rolling over?&nbsp;<br />
<br />
Seakeeper is a computer-controlled gyroscope that eliminates up to 95 percent of boat roll (the side-to-side motion) and can help reduce seasickness, fatigue, and anxiety some people experience while on board. It is lightweight, usually 2-4 percent of the weight of the boat.</p>

<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">In particular sea conditions, the Seakeeper 9 eliminated 83% of the roll at the vessel's natural roll period. Watch the trial at: <a href="https://t.co/PN12qITySa">https://t.co/PN12qITySa</a><br />
.<a href="https://twitter.com/hashtag/boat?src=hash&amp;ref_src=twsrc%5Etfw">#boat</a> <a href="https://twitter.com/hashtag/boating?src=hash&amp;ref_src=twsrc%5Etfw">#boating</a> <a href="https://twitter.com/hashtag/yachtinglife?src=hash&amp;ref_src=twsrc%5Etfw">#yachtinglife</a> <a href="https://twitter.com/hashtag/luxuryyacht?src=hash&amp;ref_src=twsrc%5Etfw">#luxuryyacht</a> <a href="https://twitter.com/hashtag/yacht?src=hash&amp;ref_src=twsrc%5Etfw">#yacht</a> <a href="https://twitter.com/hashtag/yachtlife?src=hash&amp;ref_src=twsrc%5Etfw">#yachtlife</a> <a href="https://twitter.com/hashtag/boatlife?src=hash&amp;ref_src=twsrc%5Etfw">#boatlife</a> <a href="https://twitter.com/hashtag/marinelife?src=hash&amp;ref_src=twsrc%5Etfw">#marinelife</a> <a href="https://twitter.com/hashtag/landscape?src=hash&amp;ref_src=twsrc%5Etfw">#landscape</a> <a href="https://twitter.com/hashtag/beach?src=hash&amp;ref_src=twsrc%5Etfw">#beach</a> <a href="https://t.co/Mv6CCs7J1e">pic.twitter.com/Mv6CCs7J1e</a></p>
— Seakeeper UAE (@SeakeeperUAE) <a href="https://twitter.com/SeakeeperUAE/status/1529424541323173888?ref_src=twsrc%5Etfw">May 25, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<p>According to the creators, the product works by using a steel flywheel that spins inside a vacuum-enclosed sphere at up to 9,750 revolutions per minute. If your boat rolls, Seakeeper detects the tilt backwards and forwards. The device counteracts any boat roll by producing a torque port and starboard to keep the boat stable.</p>

<h3>A little about Seakeeper</h3>

<p>In 2001 Shep McKenney and John Adams, marine industry veterans agreed to begin the development of a practical and modern gyro stabiliser. In 2006 they installed their first-ever prototype on a 43’ Viking. Later in 2008 ‘Seakeeper’ was officially formed and launched its first gyroscopic stabiliser – The M7000.</p>

<p>Seakeeper acquired its first manufacturing partner ‘Joma Machine Company and Mohnton’, a Pennsylvania facility which remained home to Seakeeper’s assembly and development teams until 2022. In 2018 Seakeepers was acquired by Madison Industries.</p>

<h3>How does it work?</h3>

<p>This gyroscope is simple to install and is meticulously designed as every part of the Seakeeper is engineered with precision to provide an extremely powerful and magical experience. Let us now understand some of the engineering marvels coming together to form this gyroscope and provide a magical and powerful experience.</p>

<p><iframe allow=";" allowfullscreen="" frameborder="0" height="360" src="https://www.youtube.com/embed/N9_LH7I_-d4" width="640"></iframe></p>

<p><strong>The Flywheel</strong></p>

<p>The Flywheel is a mechanical device that uses conservation of angular momentum to store rotational energy. The Flywheel spins up to 9,700 RPM generating enough force to stop a boat from rolling.</p>

<p><strong>Vacuum sealed</strong></p>

<p>Seakeeper’s vacuum encapsulation enables the flywheel to spin roughly three times faster, cuts flywheel weight by two-thirds, and halves power requirements. Because the critical components(flywheel, bearing, and motors) are sealed in a vacuum, they are isolated from the marine environment.</p>

<p><strong>Cooling system</strong></p>

<p>Seakeeper’s patented cooling system removes heat from within the vacuum enclosure and dissipates it through a glycol/seawater combination. This enables the flywheel to spin at an extremely high rate of speed, providing ultimate performance in the smallest and lightest package possible.</p>

<p><strong>Active control</strong></p>

<p>Seakeeper’s active control works as smart technology, automatically gauging the sea state and reacting instantaneously. This allows for optimal performance at all speeds and sea conditions.</p>

<p><strong>Simple Install</strong></p>

<p>Can be installed anywhere, even off centerline and below deck.</p>

<h3>Seakeeper is revolutionalising boating, but it will cost you</h3>

<p>If you want a Seakeeper for your boat, whether it's for fun or business, you'll have to pay a lot. The company makes different models for different sizes of boats. The smallest one costs at least $14,000 and the biggest one goes up to almost $250,000 for boats over 85 feet long.</p>

<p>Adding a Seakeeper to your vessel ups its resale value as well. The device comes with a standard two-year warranty and also can be extended. Notably the best extended warranty covers five years and 6000 hours,&nbsp;but it’ll cost you nearly $11,000.</p>

<p>There are ten Seakeepers products listed on their website where ‘Seakeeper 1’(165kg) being the cheapest pricing at $16,500 without installation while ‘Seakeeper 35’(1,778kg) is the most expensive, costing $309,300 not including installation in their product line.</p>


Seakeeper is a computer-controlled gyroscope that eliminates up to 95 percent of boat roll (the side-to-side motion) and can help reduce seasickness, fatigue, and anxiety some people experience while on board. 

Seakeeper weighs 2-4 percent of the boat’s weight and comes with simple installation

It can be installed anywhere, even off-centerline and below the deck

Seakeeper gyro help in stabilising boat

Seakeeper: A new technology that doesn't let the boat capsize

<p>Soon after launching its much-awaited AR (augmented reality) headset, Apple Vision Pro, the tech giant acquired Mira, an AR headset startup. It's unclear how much Apple paid for Mira’s acquisition.</p>

<h3>Mira’s expertise caught Apple’s attention</h3>

<p>Here, it must be noted that while Vision Pro comes with innovations geared toward personalised virtual reality, Mira's headsets are tailor-made for industrial applications. Its current use cases comprise chemical, steel, and food manufacturing, mining services, and defense, as well as designing AR headsets for Universal Studios in Nintendo World theme parks.</p>

<div id="tab-link-wrapper-plugin">
<div class="heading-text">Also Read</div>

<ul class="tab-link">
	<li class="editor-readmore"><a class="editor-rel-content" href="https://www.web3cafe.in/emerging-tech/story/apple-vision-pro-vr-ar-headset-launched-price-features-specs-availability-571525-2023-06-06">Apple Vision Pro VR Headset Launched: Features, price, specifications &amp; availability</a></li>
</ul>

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<p>Interestingly, experts opine that the startup’s expertise in AR technology and its contracts with the US military might have caught Apple's attention and may have intrigued the tech giant’s interest in Mira.</p>

<p>Further, as a part of the acquisition, Apple bought nearly 11 of Mira's employees, thereby incorporating the latter's talent and expertise into its AR endeavours.</p>

<p>As per the company’s website, “Mira builds the most scalable augmented reality hardware + software solutions in the market- enabling frontline workforces with communication tools and information when they need it most.”</p>

<p>The iPhone maker has stated, “Apple buys smaller technology companies from time to time, and we generally do not discuss our purpose or plans.”</p>

<h3>A little about Mira</h3>

<p>Based in Los Angeles, Mira has been founded by Ben Taft in 2016. It provides hands-free, smartphone-powered headsets for other companies and the US military, as per reports. It had raised funds worth $17 million from investors, such as Sequoia, Happiness Ventures, and Blue Bear Capital.</p>

<p>Initially, the company pitched its hardware as a lightweight introduction to the world of AR, specifically consumer apps. However, later, it shifted towards industrial rollouts.</p>


Apple acquires an AR headset startup, called Mira. The iPhone maker also bought almost 11 of Mira’s employees, as a part of the takeover.


The tech behemoth has acquired Mira, a startup dealing in AR headsets

It's unclear how much Apple paid for Mira’s acquisition

Apple acquires Mira

Post Apple Vision Pro launch, tech giant acquires AI startup Mira

Apple acquires Mira, an AI-based startup

<p>On Sunday, Bengaluru-based startup, Minus Zero, revealed its self-driving car called zPod.&nbsp;</p>

<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">"<a href="https://twitter.com/whatcarindiamag?ref_src=twsrc%5Etfw">@whatcarindiamag</a>: Minus Zero unveils India's first autonomous vehicle: zPod. Its a four-seater vehicle, seats facing each other, does not have any controls. The company claims it will help reduce traffic congestion and accidents using its AI self-driving technology.…</p>
— Traffic Updates + Useful Info (@trafficbutter) <a href="https://twitter.com/trafficbutter/status/1665613213214572544?ref_src=twsrc%5Etfw">June 5, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<p>As per the co-founder of zPod, Gagandeep Reehal, the car is scaled up to Level 5 autonomy capabilities and holds the ability to drive despite any environmental and geographical constraints.&nbsp;</p>

<h3>Minus Zero published paper on describing the technology behind zPod&nbsp;</h3>

<p>Minus Zero also published a whitepaper on 'Nature-Inspired AI' (NIA), which it described as a cutting-edge method for creating generalised autonomous agents that is motivated by the human brain's capacity for anticipatory decision-making and physics-aware vision. This makes NIA effective at handling real-world driving situations.</p>

<p>According to Minus Zero, 'True Vision Autonomy' (TVA) is the safest and most scalable solution to autonomous driving, and it can scale up to Level 5 autonomy. TVA was presented using NIA. TVA is vehicle agnostic and relies only on cameras as its sensor suite.</p>

<h3>Car minus a steering wheel</h3>

<p>The 4-wheeler's lack of a steering wheel is perhaps its most distinctive feature. Instead, it analyses road conditions, including traffic, with the help of carefully placed high-resolution cameras. &nbsp;</p>

<div id="tab-link-wrapper-plugin">
<ul class="tab-link">
	<li class="editor-readmore"><strong>Also Read</strong>:&nbsp;<a class="editor-rel-content" href="https://www.web3cafe.in/cryptocurrency/story/following-the-launch-of-chatgpt-ai-related-crypto-returns-increased-to-41-report-571516-2023-06-06">Following the launch of ChatGPT, AI-related crypto returns increased to 41%: Report</a></li>
</ul>

<div id="tab-video-wrapper-plugin">&nbsp;</div>
</div>

<p>The environment around the car is recorded by a camera-sensor suite and shared with the embedded AI system. The AI then uses the data from the images to process it so that the zPod can stop, manage its speed, and avoid obstructions.&nbsp;</p>

<h3>Future vision of Minus Zero&nbsp;</h3>

<p>Reehal along with Gursimran Kalra founded Minus Zero in 2021. The start-up raised $1.7 million in seed funding from various investors which include Chiratae Ventures, Snow Leopard Ventures, IIT Mandi and other angel investors. &nbsp;</p>

<p>Over the next two years, the company also intends to increase the number of autonomous vehicle experiments, including open-road tests, in foreign markets with stable regulatory rules. "With true vision autonomy coming to the fore, one can make autonomous vehicles a reality, solving major pain points of the mobility paradigm," said Reehal, who is also Minus Zero’s CEO. &nbsp;</p>

<p>According to the company, autonomous vehicles can be used for a variety of use-cases but at the same time, its AI tech wll be limited to in-campus mobility. The zPod can reportedly be used in places like educational campuses, residential areas, tech parks and other locations.&nbsp;</p>


The recently launched self-driving car by Bengaluru based startup doesn't have a steering wheel. Instead, it uses high-resolution cameras that are placed strategically within it to navigate through traffic. 



 Bengaluru-based startup includes a camera sensor suite to capture vehicle’s surroundings 

 Minus Zero claims that zPod can be scaled up to ‘Level 5’ autonomy

Know India’s first self-driving car, zPod, designed by Bengaluru’s Minus Zero

Meet India's first self-driving car, zPod

<p><em>(The article has been&nbsp;updated after receiving customer reviews&nbsp;on the usage of Drife)&nbsp;</em></p>

<p>The online taxi services market in India was valued at INR 30.72 billion in FY 2020 and is predicted to increase at a CAGR (Compound annual growth rate) of 12.93 percent between FY 2021 and FY 2025, reaching INR 55.15 billion by FY 2025, as stated by a report from Statista. But still drivers face problems related to the centralised commision charged from them, given the duopoly of Uber and Ola. But did anything came to their rescue so far?&nbsp;</p>

<p>Well, the growing concerns related to highly charged commission from the drivers led to the birth of a Bengaluru-based startup, named Drife in 2021. According to the founders of the app, the idea behind this startup was to build the ecosystem of ride hailing apps with zero commission taken from drivers, and to push the concept of open governance, and transparency.&nbsp;</p>

<p>On this the CEO of Drife, Firdosh Sheikh stated, “Ride-hailing companies are billion-dollar firms but their drivers still struggle to make ends meet. The most worrisome part is the existence of centralised parties manipulating the system for their profit motives. She continued to say, "This shows how broken the system is. This is where Drife comes into the picture to fix the broken pieces."&nbsp;</p>

<p>According to Firdosh, the ride completes 1,000 rides per week and can be easily downloaded on its Android and iOS apps.&nbsp;</p>

<p>To understand this, I reached out to Drife’s COO, Surya Ranjith, who provided me with valuable insights on their current operations. &nbsp;</p>

<h3>How does the app work?&nbsp;</h3>

<p>"People have tried their hands on combining Uber on the blockchain, but decentralisation from the start won't address any issues by magic. Decentralisation ought to take place in stages. First, the application's computations and algorithms use smart contracts to achieve complete transparency for fair ride allocations. Then, through the franchise model, operations are decentralised,” according to Firdosh, CEO of Drife.</p>

<p>Our special matching system (based on ratings) searches for all qualified drivers nearby the consumer and displays the user request to them. Each driver eager to accept the ride has the choice to quote a greater or lower sum for it.&nbsp;</p>

<p>The users can then view all bids made by drivers and select the driver of their choice after viewing all bids. Drivers cannot change an already-placed bid. These extra measures prevent drivers from calling users to inquire about the destination, the cost of the transport, etc., hence reducing cancellations.&nbsp;</p>

<p>Before taking a ride and quoting the price, drivers are fully aware of the details related to the ride. In an effort to be fair to both users and drivers, she explains, we let them decide the cost of a trip rather than setting it for them.&nbsp;</p>

<p>In order to ensure the transparency in trip fares, the base pay is calculated on the basis of the tariff rate set by the local government, followed by the distance and time involved. The fare of the ride is not dependent on the existing supply and demand situation.&nbsp;</p>

<h3>What makes Drife different from their competitors?&nbsp;</h3>

<p>Drife is a ride-hailing platform that operates in India. Some of the major competitors of Drife in the Indian ride-hailing market include Uber, Ola, Rapido. We have come up with the idea of removing commissions that have become predatory to drivers’ income and introducing subscriptions, All of which serve to bring more money into the driver’s hands and for customers, we charge nothing extra as to what has been fixed by the government.&nbsp;</p>

<h3>What are the consumer-related benefits provided by Drife that makes it get an edge over Uber or Ola?</h3>

<p>Apart from being a surge free platform, Drife helps not only in bringing transparency into the entire customer base but also in giving them the freedom to choose among the drivers they get matched with. With Drife, customers can choose their fare along with the ride.&nbsp;</p>

<h3>What are the steps taken for customer’s security?</h3>

<p>Drife has implemented several safety features, such as real-time ride tracking, SOS alerts,a 24/7 support team and 24/7 monitoring rides to ensure the safety of its passengers and drivers. One important achievement is the response time for a customers callback request is less than 5 mins on average</p>

<h3>What blockchain is Drife leveraging?&nbsp;</h3>

<p>Drife is currently leveraging Polygon and Binance Smart Chain and is working on developing its own Cosmos-based Layer-1 network for faster throughput, low costs, customisability, and modularity.</p>

<h3>What is the incentive model for the company? Do you feel it's a sustainable model in the long run?</h3>

<p>“For customers, referring their peers to Drife can help them earn rewards that can be used to pay for future rides on the platform,” mentioned Ranjith in the interview. By referring drivers to Drife (cross referral), customers can also help to grow the platform's user base, which can lead to shorter wait times, more drivers, and an overall better experience for everyone.</p>

<p>For drivers, referring others to Drife can help them earn additional income. Drivers have the potential to earn a steady stream of passive income simply by referring others to the platform. Additionally, as more riders sign up for Drife, drivers may see an increase in the number of ride requests they receive, which can lead to more earnings.</p>

<p>Overall, the Drife referral model provides an incentive for both customers and drivers to refer others to the platform, which can help to grow the user base and create a more efficient and convenient ride-hailing experience for all.</p>

<p>With no commission charged from drivers, the startup earns revenue in other ways. It charges its driver-partners a nominal monthly subscription fee of Rs 2,500, which gives them access to the platform to accept, bid for, and execute rides.&nbsp;</p>

<p>Besides this, our company is working on a franchise model where people in other cities can potentially run Drife’s operations. Building tech around ride-hailing in new cities is lucrative but exhausting, hence we select the best possible parties that can run operations elsewhere. We have a revenue-sharing model in place where we receive a part of the subscription fees drivers will pay to the franchise owners.&nbsp;</p>

<h3>Future prospects of Drife, concerning auto cabs launch</h3>

<p>“Drife works in a unique way where any one who is eligible can own its franchise in their particular city, and 2023 is the year where Drife is going to start their franchise access in multiple cities in and outside India,” said Ranjith.&nbsp;</p>

<p>The company is further&nbsp;planning to enter into the space of auto-rickshaw launch soon, given the high demand of customers for their shorter trips, which will be followed by interesting rewards, transactions and earning features.&nbsp;</p>

<p>Overall, the Drife referral model provides an incentive for both customers and drivers to refer others to the platform, which can help to grow the user base and create a more efficient and convenient ride-hailing experience for all.</p>

<h3>Is it really worth using?&nbsp;</h3>

<p>Since Drife is currently available in Bengaluru, I asked for some user feedback and was shocked by their comments on the price offered in comparison to Ola and Uber, its competitors. The customer also highlighted other&nbsp;factors related to cancellation of the cab.&nbsp;</p>

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<p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Users could not cancel&nbsp;the cabs, ever after several attempts&nbsp;</p>

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<p>The customer was unable to book the cab at a lower price for almost two days&nbsp;&nbsp;</p>

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<p>Difficulty faced in booking the cab for 3 kms of distance, even after increasing the amount to Rs 100&nbsp;</p>

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<p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; The cab got booked in Rs 200 for 3.8 Kms of distance, which is almost double the amount of Ola and Uber&nbsp;</p>

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<p>Further clarification given by Co-Founder and COO of Drife, Surya Ranjith on the pricing related issue&nbsp;</p>


Drife is all set to launch blockchain services-based auto services in 2023, with more franchises expected in the future in different cities, apart from Bangalore. 


 Drife focuses on building the blockchain-based community of drivers and riders 

  High commission, fuel prices and cancelled rides are some of the top addressed areas 

 Drife earns through Franchise model, with zero commission charged  

Ola & Uber get a competitor, Drife; a new blockchain-based cabs services 

Bengaluru startup, Drife uses blockchain in cabs 

Emerging Tech

<p>Shark Tank India has quickly become one of the most popular reality shows on television. The Indian franchise of America’s Shark Tank consists of entrepreneurs pitching their businesses to a panel of investors to receive funding.&nbsp;</p>

<p>The sharks in the season 2 were, Amit Jain - Co-founder of Car Dekho, Aman Gupta - Co-founder of Boat, Namita Thapar- the owner of Emcure, Anupam Mittal- founder and CEO of People Group and Shaadi.com, Vineeta Singh - CEO of Sugar cosmetics, and Peeyush Bansal- Founder of Lenskart. &nbsp;</p>

<p>Let’s look at some of the eye-catching tech startups that not only enthused the minds of sharks but ours as well.&nbsp;</p>

<h3>Cloudworx</h3>

<p>Cloudworx Studio is a web-based, no-code tool for creating 3D twins in the metaverse that was featured in Forbes Asia's 30 Under 30 list. The team claims that customers may create 3D twins without the help of 3D professionals by following three easy steps: orchestration, visualisation, and enablement.<br />
&nbsp;</p>

<div class="embedcode">
<blockquote class="twitter-tweet">
<p dir="ltr" lang="en">Shark Tank India Season 2 Episode 28 Recap and Review: Spicy Nostalgia and Accessible Metaverse<a href="https://twitter.com/hashtag/SharkTankIndia?src=hash&amp;ref_src=twsrc%5Etfw">#SharkTankIndia</a> <a href="https://twitter.com/hashtag/SharkTankIndiaS2?src=hash&amp;ref_src=twsrc%5Etfw">#SharkTankIndiaS2</a> <a href="https://twitter.com/hashtag/SharkTankIndiaSeason2?src=hash&amp;ref_src=twsrc%5Etfw">#SharkTankIndiaSeason2</a> <a href="https://twitter.com/hashtag/SonyLIV?src=hash&amp;ref_src=twsrc%5Etfw">#SonyLIV</a> <a href="https://twitter.com/hashtag/ZOFF?src=hash&amp;ref_src=twsrc%5Etfw">#ZOFF</a> <a href="https://twitter.com/hashtag/DesiToys?src=hash&amp;ref_src=twsrc%5Etfw">#DesiToys</a> <a href="https://twitter.com/hashtag/Cloudworx?src=hash&amp;ref_src=twsrc%5Etfw">#Cloudworx</a> <a href="https://twitter.com/hashtag/AnupamMittal?src=hash&amp;ref_src=twsrc%5Etfw">#AnupamMittal</a> <a href="https://twitter.com/hashtag/AmanGupta?src=hash&amp;ref_src=twsrc%5Etfw">#AmanGupta</a> <a href="https://twitter.com/hashtag/AmitJain?src=hash&amp;ref_src=twsrc%5Etfw">#AmitJain</a> <a href="https://twitter.com/hashtag/VineetaSingh?src=hash&amp;ref_src=twsrc%5Etfw">#VineetaSingh</a> <a href="https://twitter.com/hashtag/NamitaThapar?src=hash&amp;ref_src=twsrc%5Etfw">#NamitaThapar</a> <a href="https://t.co/P8QhnGIOKo">https://t.co/P8QhnGIOKo</a></p>
— Leisure Byte (@LeisureByte) <a href="https://twitter.com/LeisureByte/status/1623414692805763072?ref_src=twsrc%5Etfw">February 8, 2023</a></blockquote>
<script async="" charset="utf-8" src="https://platform.twitter.com/widgets.js"></script></div>

<p>Users may import their 3D models into Cloudworx Studio, add animations, interactions, processes, and alerts to them, and link them with real-time data from IoT sensors to develop digital twins without writing any code.&nbsp;</p>

<p>Started by Yuvraj Toomar and Kaushik Bharadwaj in 2019, the team received an investment of ₹40 lakhs for 3.2 percent equity collectively from Namita Thapar and Anupam Mittal. The team plans to create metaverse 3D content from real-time data using sensors, equipment, and user interactions.&nbsp;</p>

<h3>CureSee</h3>

<p>CureSee is the world's first AI based vision therapy startup, as claimed by the company on Shark Tank India. This company caters to the three big problems related with eyes, including&nbsp;<br />
amblyopia, computer vision syndrome, scleral lenses, and post-refractive surgeries. The owners further in their pitch focused on giving patients the customisable care, driven by AI to treat their problems.&nbsp;</p>

<p>Started in 2019, CureSee is owned by Puneet, Jatin Kaushik, and Amit Sahni, with the aim to solve all time prevailing eye related problems in both online and offline ways through AI integration. From the show, their company received the funding of 50 lakhs for 10 percent equity by the founder of Lenskart, Peeyush Bansal.&nbsp;</p>

<h3>inside FPV&nbsp;</h3>

<p>Till now, India has been purchasing drones from foreign countries in unauthorised ways and to solve the problem on a bigger scale for the country, three VIT graduates went on a mission.&nbsp;</p>

<p>On Shark Tank India, the founders expressed their vision to make drones safe and simple without any requirement for pilot's licence. Be it the price of drones which stands at Rs 2800 to the motive of owners to make this product globally acceptable, this Tamil Nadu based startup caught the eyes of sharks, specifically Namita Thapar, Peyush Bansal, Amit Jain who eventually invested Rs 75 lakh for 15 percent equity.&nbsp;</p>

<h3>Prime Book&nbsp;</h3>

<p>For its made-in-India Android laptop brand, Primebook 4G, this Delhi-based startup received 75 lakh in funding during Season 2 of Shark Tank. Founded by Chitranshu Mahant, Aman Verma, and Chandrahas Panigrahi, the company aims to grow in the B2C category, other than B2B presence. The brand received individual offers from Vineeta Singh, Aman Gupta, Peyush Bansal, and Anupam Mittal as well as a combined offer from all five sharks.&nbsp;</p>

<p>Considering its intriguing value proposition, Peyush Bansal and Aman Gupta agreed to invest INR 75 lakh in the brand in exchange for 3 percent equity. &nbsp;</p>

<p>Primebook manufactures and distributes the first Android laptops that are built in India at competitive prices for students. Using MediaTek CPUs and the Android 11 environment, the laptops also have 4G SIM connectivity. They have 4GB RAM and expandable storage up to 200GB, which power the specially developed PrimeOS.&nbsp;</p>

<h3>Janitri</h3>

<p>Founded in 2015 by Arun Agarwal, Janitri is an affordable AI enabled pregnancy monitoring solution that provides pregnant ladies to monitor their health. On realising the poor state of maternal healthcare infrastructure in India, Agarwal wanted to work on this and come up with a solution. It was during these years that he had the idea of merging technology and innovation together to come up with solutions for childbirth-related complications.&nbsp;</p>

<p>This innovation in the medical sector attracted Namita Thapar and made her invest Rs 1 crore for 2.5 percent equity, with the condition to get an additional 2.5 percent equity incase of not achieving Rs 20 crores in the next FY.&nbsp;</p>

<p>The products under Janitri include Keyar CM, Keyar DT, Daksh (Pregnancy Monitoring Software, Keyar Mini, Keyar DT Lite, and an application for smartphones.</p>


Let’s know about some of the top Shark Tank India tech related startups that successfully grabbed the eyes of sharks. 


 Startups related to healthcare AI was given necessary funding to grow 

 From no code 3D twins to pregnancy monitoring tools, Shark Tank India welcomed all 

 Sharks talked on the opportunities and growth related to technological innovations in different sectors in India 

Top tech startups on Shark Tank India that you should know 

Top tech startups from Shark Tank India 

<p class="text-align-justify">With companies creating innovative campaigns like ixigo's “bhAI” and Razorpay “Ai-Co,” April fool's day has an AI twist in the age of ChatGPT.<br />
<br />
Like every year, ixigo created an April Fool's joke that they hoped would one day be true. "bhAI" is designed as an AI tool that provides travellers with real-time recommendations on how to bargain, including local and fare predictions to save money on auto and cab fares, station food quality, and real-time language translation.<br />
<br />
An ixigo spokeswoman responded to questions on the company's decision to launch an AI-related campaign by saying, "ixigo was one of the first players to work on AI and data-driven predictive use cases and offer goods and features to Indian travellers to ensure a smooth booking experience. As ChatGPT and open AI have dominated the news this year, the company decided to take a lighthearted look at the applications of AI and how cutting-edge AI-enabled hardware can transform the tourism industry."</p>

<p class="text-align-justify"><strong>More about April 1st&nbsp; AI tools&nbsp;</strong><br />
<br />
"Razorpay" also chose to create an AI-related product. A co-founder powered by AI by the name of AI-Co was featured in the fintech company's campaign. Every time you select the chat option, you are presented with a different AI-Co, such as Foundguni Ayyar, Girish Founderwala, or Indra Pitchyi, which are all jokes on well-known business names. At the bottom of its campaign website, Razorpay stated, "Jokes aside, nothing can replace our human co-founders."<br />
<br />
In addition, the fitness company "Cultfit" took advantage of the opportunity to remind people that fun and fitness can go hand in hand. The wildly famous social media promotion "#culthouseparty" by Cultfit was revealed to be a "prank with a purpose" that concluded on April 1st.<br />
<br />
According to Cultfit, the idea behind this was to serve as a reminder that having fun and being in shape can go hand in hand. As they demonstrate, Cultfit thinks that one's lifestyle choices don't have to be constrained to either/or alternatives.</p>


Startups are coming up with creative initiatives for April fool's day, like ixigo's “bhAI” and Razorpay's “Ai-Co.”

Startups' April 1st campaign features AI tools

Companies run campaigns like "bhAI" from ixigo and "Ai-Co" from Razorpay

The "#culthouseparty" by Cultfit was a "prank with a purpose"

Startup companies spin off their April Fools Day campaign using AI tools

Startups' April fool day campaign features AI products and tools

AI tools featured in startups' April 1st campaign

<p><meta charset="utf-8" /></p>

<p>Beatoven.ai, India's first AI-backed music tech startup, was founded by two IIIT- Allahabad graduates, Siddharth Bhardwaj and Mansoor Rahimat Khan, to assist content creators in resolving the issue of music licensing and its development.&nbsp;</p>

<p>Headquartered in Bangalore, Beatoven.ai provides a platform for composers to create economical royalty-free music. The main objective of the startup was to fuse music and technology, by putting enough emphasis on AI advancement in upcoming years.&nbsp;</p>

<h3>How does this AI technology work?</h3>

<p>With its deep-learning networks, this AI technology benefits creators in analysing complex music data. For instance, if a user demands a one-minute track, this AI will generate five options in 10 seconds.&nbsp;</p>

<p>To create an understandable track, the large data which was analysed by AI helped in the arrangement of all samples from artists to train AI-based models to develop a structure that integrates all these layers vertically and horizontally.&nbsp;</p>

<p>On its operation, the founders believe that,” Beatoven.ai was launched to revolutionise the sector by making access to music easy and affordable for millions of creators whilst keeping it royalty-free, and easily customisable as per their requirements.”</p>

<p>“We own all the rights to our music and content creators can use our music in their work without paying any royalties headache free” they added.</p>

<p>The company has further stressed generating region-specific music composition, which is spread all over India. We look forward to expanding our music library by adding ethnic music from different geographies like Chinese, Korean, Latin American, and others, claimed the creators, given the primary focus on classical music from our country.</p>

<h3>Can this AI algorithm replace musicians?</h3>

<p>AI is unique for every audience, but at the same time, it becomes the user's responsibility to curate and personalise it according to the individual's needs.</p>

<p>This company intends to not replace humans but rather work alongside them. The tool enlightens musicians on music composition, thus allowing freelancers to master and mix the tracks. AI is unique for every audience, but at the same time, it becomes the user's responsibility to curate and personalise it according to the individual's needs, expressed by founders.&nbsp;</p>

<p><br />
In 2018, Francois Pachet, musician and tech researcher, marked the release of the first pop album written with the help of Beatoven.ai.&nbsp;</p>

<h3>Future of this AI tool</h3>

<p>According to the search history for music-based AI tools, India is estimated to have around 5–6 lakhs of user searches, demonstrating the huge desire for royalty-free music, as claimed by the company.&nbsp;</p>


The recent announcement from Beatoven.ai states that the company plans to grow with new AI tools launched for musicians and will be launched in the coming months. 

Beatoven.ai to extend its platform for other ethnic geographies

The motive of this AI company is not to replace the actual musicians

AI algorithm of this startup provides easy customisation for various tracks

India’s first AI-based music tech startup, Beatoven.ai plans to expand in 2023

All about India's first AI-based music tech startup 

<p>The company that created the Stable Diffusion generative artificial intelligence model, Stability AI Ltd., announced on 8 March to have acquired photo editing service provider, Init ML for an undisclosed amount. The acquired company is the developer of the acclaimed AI-powered imaging tool, Clipdrop.&nbsp;</p>

<h3>First acquisition by Stability AI&nbsp;</h3>

<p>Since the launch of Stability AI in 2021, this will be considered its first acquisition. The announcement comes after the recent rumours from the company, which highlighted its plan to raise money at a $4 billion value.&nbsp;</p>

<p>London-based Stability AI, while highlighting the number of Stable Diffusion users to stand at 1 million in October 2022, expressed excitement over the recent acquisition of Init ML. As reported, the acquisition of Init ML could help Stability AI expand its installed user base.&nbsp;</p>

<p>As per the information, CEO of Init ML, Cyril Diagne, will serve as Vice President of Innovation for Clipdrop, along with Senior Vice President of Product, Damien Henry, and Vice President of Engineering, Jonathan Blanchet.</p>

<h3>What does this deal bring to the table?&nbsp;</h3>

<p>The recent acquisition between both parties allows Clipdrop with the Stability AI's technology and computing power to develop the newest generation of image tools. &nbsp;According to Emad Mostaque, the founder and CEO of Stability AI, the agreement represents a new turning point in both companies' efforts to democratise the use of AI and multimodal foundation models in creative workflows.</p>

<p>Init ML, a Paris-based company, was established in July 2020 with funding provided by AI venture capital firm 'Air Street Capital.' Init's flagship suite of imaging applications, Clipdrop has over 15 million users as of now. At the moment, Clipdrop includes cutting-edge machine learning research like 'Remove Background and Super Resolution,' along with Stability AI's potent generative AI models that are said to be integrated into its beta applications.</p>

<p>The strategic acquisition occurs against the backdrop of Stability AI's premier text-to-image technology, Stable Diffusion, which is open-source. The tool attracted attention from the general public and was praised by AI pioneers for being unrestricted and free. Andrej Karpathy, the former director of AI at Tesla who recently joined OpenAI, appreciated Stable Diffusion and declared that tool to be a day of historic proportions for human innovation.<br />
&nbsp;</p>


Fetch.ai focuses on providing AI generated information to users by focusing on 'autonomous agents, network infrastructure, and decentralised machine learning.  


Stability AI acquires Clipdrop in March 2023 to enhance image related tools 

 The company announced plans to raise money at a $4 billion value 

  Clipdrop is said to incorporate Stability AI’s computing power to enhance image creation 

Amid fundraising speculations, Stability AI acquired Init ML 

Stability AI acquires Init ML to enhance image creation 

<p>On 29 March of this year, a blockchain startup called Fetch.ai, which is based out of Cambridge, England, announced $40 million funding to provide monetisation and other tooling for AI-generated information.&nbsp;</p>

<h3>What is this startup for?&nbsp;</h3>

<p>The information from the company revealed that this blockchain startup is focused on developing tools that emphasises on 'autonomous agents, network infrastructure, and decentralised machine learning.' The idea behind the investment is to enable communication and action between AI applications, thus making the overall process more actionable.&nbsp;</p>

<p>In an interview with media, CEO of Fetch.ai, Humayun Sheikh stated that the company has a special part to play in the development of learning models, offering a more verifiable and equitable approach to AI through distributed ledgers enabling companies to feed data into such models.&nbsp;</p>

<h3>Fetch.ai eyes big on generative AI plans&nbsp;</h3>

<p>One example is a previous parking experiment that Fetch.ai worked on in 2020. It utilised AI to help locate free places in city parking lots, as well as to modify pricing and give customers free public transportation tickets when they choose not to drive at all.</p>

<p>The startup further intends to develop services that will convert outcomes from generative AI-powered applications into transactions. For instance, in the future, requesting the best flights from London to Istanbul from a chatbot might give users results that are ordered and tailored to their preferences for travel rather than just a list of flights and costs.</p>

<p>According to Andrei Grachev, managing partner of DWF Labs, a global leading digital asset market maker and investment firm, "Fetch.ai's platform offers a full solution for designing and deploying peer-to-peer apps with automation and AI capabilities." He continued to say, "We're excited to assist their growth and development since their technical architecture and decentralised approach to machine learning establish a new paradigm for developers and entrepreneurs."</p>


Fetch.ai focuses on providing AI generated information to users by focusing on 'autonomous agents, network infrastructure, and decentralised machine learning. 


Fetch.ai plans big on artificial intelligence information related tools 

The  blockchain based startup invested $40 million funding to achieve AI goals 

Company plans to ease out the overall user experience with AI-powered applications 

Blockchain startup, Fetch.ai announces $40 million in funding 

Fetch.ai eyes big on AI powered applications in 2023 

<p class="text-align-justify">Alphabet's Google Cloud partnered with 'Replit,'&nbsp;a San Francisco-based start-up with an online integrated development environment (IDE), to add it to its cloud platform. An IDE is a piece of software that helps programmers create software code effectively.<br />
<br />
Following the release of Copilot X, an updated version of Github's AI-driven software development platform, was released.<br />
<br />
GitHub Copilot is a programming tool that uses OpenAI's Codex language model to generate code suggestions based on programmer-inputted comments and functions, similar to a super autocomplete feature.<br />
<br />
<strong>How would they benefit from this collaboration?</strong><br />
<br />
In accordance with their contract, Google will provide 'Replit'&nbsp;access to its computational power and specialised AI models. In response, Replit's collaborative code editing technology will be made available to Google Cloud and Workspace developers.<br />
<br />
Replit's browser-based online IDE, which can automatically complete code and answer to natural language inquiries, has a direct integration with Replit's Ghostwriter code generator. "This will help programmers enhance productivity and make it easier for employees to fix errors and collaborate with colleagues," Replit CEO Amjad Masad said.<br />
<br />
According to a statement from the startup established in 2016, it supports over 20 million developers and says that its Ghostwriter robot has contributed to the creation of more than 30% of user code.<br />
<br />
June Yang, VP of Cloud AI and Industry Solutions at Google Cloud, said, "Generative AI can bring significant new capabilities to businesses and developers, including the ability to easily, safely, and scalably create new software applications and online experiences with little or no coding experience."<br />
<br />
The widely used platform from 'Replit'&nbsp;will be powered by Google Cloud infrastructure and Vertex AI foundation models, Yang continued, giving millions of developers worldwide additional performance and scalability.<br />
<br />
According to a study from GitHub Copilot released in July 2022, adopting GitHub Copilot increases developer productivity and helps them stay focused on what matters most: creating top-notch software.<br />
<br />
However, because AI-suggested code completions are not always confirmed to be accurate, developers should exercise caution when using them. According to Chris Riley, senior manager of developer relations at marketing technology company HubSpot, "Developers must carefully analyse any ideas, which might negate any time saved by exploring developer sites for code snippets."<br />
&nbsp;</p>


Using Google's artificial intelligence (AI) language models, Replit's software development tool will enable improved coding.

Google Cloud partners with 'Replit' to add IDE to the cloud platform

Developers of Google Cloud will have access to Replit's code editing tool

The Ghostwriter code generator has contributed to 30% of user code creation

Google and Replit collaborate to challenge Microsoft's GitHub

Google and AI startup 'Replit' collaborate to challenge Microsoft's GitHub

Google partners with  AI startup 'Replit'

<p><span style="font-size:11pt"><span style="line-height:115%"><span style="font-family:Calibri,&quot;sans-serif&quot;">The Startup ecosystem in India is thriving and many are exploring new technologies to accelerate the adoption of emerging technologies. Read the latest news&nbsp;and updates on&nbsp;Startup.</span></span></span></p>


Startup News: Find and read Startups news and updates from india. Check top headlines on unicorn and Startups industry, videos, photos and breaking news on Startup at Web3Cafe.