#WestBridge Capital

[news365timesindia]

[ad_1] By Anjali Sharma NEW YORK – According to a report issued on Friday the Indian auto sector saw 32 deals worth $1.9 billion in the July-September period, marked the highest quarterly activity since Q4 2021. According to the report by Grant Thornton Bharat, there was robust deal activity in both volumes and values, showcasing the auto sector’s resilience and attractiveness to investors, Three high-value deals valued at $300 million drove the growth, compared to one $100 million deal in Q2. The mergers and acquisitions (M&A) activity saw six deals worth $74 million, representing a 20 per cent increase in volumes and 30 per cent growth in values from Q2. “This resurgence marks a revival in M&A activity, driven by strategic investments in technological innovation, global expansion, and long-term value creation,” said the report. It stated that outbound M&A activity increased, with two deals showcasing the industry’s focus on global partnerships, particularly in auto components and EV infrastructure. The September quarter witnessed a shift towards auto-tech and auto-component subsectors, indicated growing interest in strategic M&A. The report compared to the first half last year, Q3 saw significant growth, rebounding from a 67 per cent decline in Q2, with deal values increasing by 30 per cent. Top investments accounted for 55 per cent of PE values, reflected concentration of high-value deals, led by WestBridge Capital’s $200 million investment in Roppen Transportation Services Pvt Ltd (Rapido). Average ticket size increased to $25 million, up from USD 11 million in Q1 and USD 18 million in Q2, indicating growing investor confidence. India’s focus on alternative fuel technologies enhances its appeal as an investment destination, positioning it as a key hub for sustainable and smart mobility solutions exports. The report said that the third quarter witnessed two IPOs worth $768 million and two QIPs worth $470 million in the auto components space. [ad_2] Source link

[news365times]

[ad_1] By Anjali Sharma NEW YORK – According to a report issued on Friday the Indian auto sector saw 32 deals worth $1.9 billion in the July-September period, marked the highest quarterly activity since Q4 2021. According to the report by Grant Thornton Bharat, there was robust deal activity in both volumes and values, showcasing the auto sector’s resilience and attractiveness to investors, Three high-value deals valued at $300 million drove the growth, compared to one $100 million deal in Q2. The mergers and acquisitions (M&A) activity saw six deals worth $74 million, representing a 20 per cent increase in volumes and 30 per cent growth in values from Q2. “This resurgence marks a revival in M&A activity, driven by strategic investments in technological innovation, global expansion, and long-term value creation,” said the report. It stated that outbound M&A activity increased, with two deals showcasing the industry’s focus on global partnerships, particularly in auto components and EV infrastructure. The September quarter witnessed a shift towards auto-tech and auto-component subsectors, indicated growing interest in strategic M&A. The report compared to the first half last year, Q3 saw significant growth, rebounding from a 67 per cent decline in Q2, with deal values increasing by 30 per cent. Top investments accounted for 55 per cent of PE values, reflected concentration of high-value deals, led by WestBridge Capital’s $200 million investment in Roppen Transportation Services Pvt Ltd (Rapido). Average ticket size increased to $25 million, up from USD 11 million in Q1 and USD 18 million in Q2, indicating growing investor confidence. India’s focus on alternative fuel technologies enhances its appeal as an investment destination, positioning it as a key hub for sustainable and smart mobility solutions exports. The report said that the third quarter witnessed two IPOs worth $768 million and two QIPs worth $470 million in the auto components space. [ad_2] Source link

[secretstalks]

Rapido financial outlook according to Aravind Sanka

Bengaluru-based mobility startup Rapido has recently made headlines with a significant $200 million funding round, elevating its valuation to $1.1 billion and earning it a spot in the unicorn club. Co-founder and CEO Aravind Sanka has revealed that the company is on the brink of achieving cash-flow positivity, with expectations to become profitable within the next few months.

Rapido's impressive growth is underscored by its vast network of 1.7 million active monthly driver-partners, who collectively manage nearly 0.5 million orders daily across bikes, auto-rickshaws, and four-wheeler cabs. Sanka highlighted Rapido's dominance in the market, claiming a market share exceeding 40% in the two-wheeler and three-wheeler segments, positioning it ahead of competitors like Ola and Uber.

The company reported a substantial increase in revenue for FY23, reaching Rs 497.5 crore compared to Rs 157.9 crore in FY22. Despite this growth, losses also widened, from Rs 439 crore to Rs 674.6 crore, largely due to heavy investments in expansion and development. Notably, Rapido's zero-commission model for drivers continues to be a key differentiator. Drivers pay a fixed monthly fee of Rs 500 for every Rs 10,000 earned on the platform, with Sanka affirming the company's commitment to maintaining this model.

Rapido is now turning its attention to the burgeoning quick commerce sector, aiming to capitalize on the growing demand for rapid delivery services. The company currently supports last-mile food delivery for Swiggy, a major investor in its recent Series D funding round, and collaborates with ONDC. Discussions are underway with quick commerce players like Zepto and Zomato’s Blinkit to explore 10-30-minute delivery options.

The company is also leveraging its extensive fleet to support small direct-to-consumer (D2C) businesses, with plans to partner with logistics firms and work directly with various companies. On the sustainability front, Rapido is making significant strides with electric vehicles. In the NCR region, over 25% of orders are now delivered by electric vehicles, and the company aims to transition all deliveries in Delhi to electric within the next six months. Partnerships with fleet operators to develop exclusive electric vehicle fleets for two-wheelers, three-wheelers, and four-wheelers are also in progress.

Looking ahead, Rapido may consider an initial public offering (IPO) within the next two to three years as a potential step in its growth trajectory. The company's recent fundraising efforts have seen it secure close to $500 million, with WestBridge Capital leading the latest $200 million Series E round, joined by Think Investments, Invus Opportunities, and longstanding partner Nexus Venture Partners.

Ownership of Rapido's parent company, Roppen Transportation Services, as of FY23 includes WestBridge Capital with a 25.6% stake, Swiggy with 15.1%, Nexus Venture Partners with 9.7%, and Integrated Capital with 4.9%. The combined shareholding of co-founders Pavan Guntupalli, Rishikesh SR, and Aravind Sanka stands at 7.5%.

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India’s Rapido becomes unicorn with fresh $120 million funding

Bike-taxi startup Rapido has become the latest Indian startup to become a unicorn, or reach $1 billion in valuation. The eight-year-old firm has raised $120 million in a new funding round led by WestBridge Capital, according to a regulatory filing. The new capital, a Series E infusion, underscores Rapido’s growing prominence in India’s mobility sector […] © 2024 TechCrunch. All rights reserved.…

[atomxmedia]

UptimeAI Secures $14 Mn To Enhance AI Solutions For Manufacturing Plants

Lead by WestBridge Capital, UptimeAI is an AI firm that has successfully raised $14 million in a Series A funding round. Aditya Birla Ventures, a new investor, and Emergent Ventures also participated in this round. The money will be used to grow UptimeAI’s product line, extend its reach throughout North America, the Middle East, and Asia, and scale its technological platform. UptimeAI was founded in 2019 with the goal of using AI-driven digital solutions to assist manufacturing facilities in lowering maintenance costs and efficiency losses.

Funding and Investors

An inventive AI business called UptimeAI has raised $14 million (about INR 116 crores) in its Series A funding round. WestBridge Capital led this major round, in which notable participants included newcomer Aditya Birla Ventures, the venture capital division of the Aditya Birla Group, and longtime supporter Emergent Ventures.

Utilization of Funds

The new funding will be carefully dispersed to expand UptimeAI’s advanced AI technology stack. The firm also intends to increase the range of products it offers so that customers have access to more options. Additionally, some of the money will go into expanding UptimeAI’s market reach in important areas like Asia, the Middle East, and North America.

Company Background

Founded in 2019 by Jagadish Gattu and Vamsi Yalamachili, UptimeAI has carved a niche for itself in the heavy manufacturing industry. The startup provides AI-driven digital solutions that help manufacturing plants minimize efficiency losses, cut down maintenance costs, and boost workforce productivity.

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[questlation]

Achieved INR 100 crore revenue in FY 2022-23 resulting in 7x growth over the past 18 monthsWorking with more than 100 customers to revolutionize debt collections with its SaaS-based integrated technology platformNEW DELHI, April 19, 2023 /PRNewswire/ -- Credgenics, a leading provider of SaaS-based debt collections and resolution technology platform has announced that it has achieved operational profitability in its fourth year of operation. The company's success is attributed to its innovative approach to debt management, which leverages technology to digitally transform the debt collections processes for Banks, NBFCs, FinTechs and ARCs. Credgenics anticipates growing by more than 100% in the current fiscal year, with an expected revenue of approximately INR 240 crore. Backed by WestBridge Capital, Tanglin Venture Partners, and Accel Partners, Credgenics has touched an overall loan book worth USD 47 Billion in FY 22. Credgenics has seen lenders improve their collection efficiency by 25% and reduce the costs of collections by 40%. Credgenics is working with some of the leading private banks and non-banking financial companies, including IIFL Finance, Mahindra Finance, IREP Credit Capital and others, as well as Fintechs, the future lenders. The company has handled 40 million retail loans till date and sends 60 million digital communications every month. Speaking on the announcement, Rishabh Goel, Co-Founder & CEO, Credgenics said, "We are excited to have achieved our revenue target of INR 100 crore in the financial year 2022-23 and we expect to clock 100% YoY revenue growth in FY 2023-24 to reach INR 240 crore. We strongly believe that our success reflects our commitment to continue delivering exceptional customer experience and driving positive business outcomes for our clients." Anand Agrawal, Co-Founder & CPTO, Credgenics commented, "Since the last fundraise in 2021, our revenue has increased 7 times, our customer base has expanded five times to reach 100, and our employee count has increased to 300, which is five times its previous size." "The ability to lend money is contingent on having an effective debt collection mechanism in place. Though lenders have traditionally tackled this issue through various methods such as relying on manual efforts, complex home-grown systems, outsourcing control to agencies and using multiple disconnected systems. In contrast, we have provided futuristic technology solutions to address this challenge efficiently through our automated, digitized and data-driven platform," said Agrawal. "We have adequate capital, and while we continue to add on our robust market presence in India, our efforts will also be directed towards expanding our business to international markets, including Southeast Asia. We commenced our operations in Indonesia last year and are soon entering Vietnam," Goel added. Credgenics offers insights-driven personalized approach for communications across multiple channels, including chatbots, voicebots, WhatsApp, IVR, SMS, and emails. The market-leading platform offers a comprehensive suite of debt resolution solutions including digital collections, litigation management, field collections mobile app, and payments platform that use AI driven intelligent automation and Machine Learning models to deliver highly efficient collections. With these advanced technologies, Credgenics is able to help creditors reimagine their debt collection process while also providing debtors with a more user-friendly and efficient experience. Credgenics has expanded this year with offices now in 7 locations including Delhi NCR, Hyderabad, Mumbai, Jakarta and Singapore and will soon be opening in Vietnam as well. About Credgenics: Credgenics is the leading provider of Loan Collections and Debt Resolution technology platform to Banks, Non-banking finance companies, FinTechs, and ARCs worldwide. The AI-powered SaaS-based platform has been recognized as the #1 Best Selling Loan Collections Platform in India by IBS Intelligence in their Annual Sales League Table 2022.

Credgenics works with more than 100 customers and has touched an overall loan book worth USD 47 Billion in FY 22. It has handled 40 million retail loans till date and sends 60 million digital communications every month. With Credgenics, lenders have increased resolution rates by 20%, improved collections by 25%, reduced collections cost by 40%, reduced collections time by 30%, and improved legal efficiencies by 60%. https://www.credgenics.com/ Logo: https://mma.prnewswire.com/media/1844975/Credgenics_Logo.jpg View original content:https://www.prnewswire.com/in/news-releases/credgenics-turns-operationally-profitable-eyes-inr-240-crore-revenue-this-fiscal-301800753.html Source link

[indiaprdistribution1]

Entrepreneurship Cell IIT Bombay all set to host the annual Entrepreneurship Summit amidst the Startup wave in India

E-Cell, IIT Bombay, with a vision of creating job creators, is exhilarated to announce the  17th edition of the annual entrepreneurship fest- ‘E-Summit 2022: A trailblazing realm’. E-Summit provides a massive platform for investors, start-ups, mentors and students to come together at the same table and build great connections with each other. E-Summit’22 is scheduled for the 5th - 6th of February 2022, presented by WestBridge Capital, co-presented by Meesho and powered by Dukaan. The two-day fest that will be held in an online mode includes various events such as TTMM, Networking Arena, speaker sessions, content creation conclave, competitions, hackathons and many more.

The event TTMM, known as The Ten Minute Million is one of the highlights of E-Summit. The format of this event is somewhat similar to shark tank, where a start-up pitches in front of a panel of investors for ten minutes and gets a chance of grabbing on-spot funding of about two million rupees based on their pitch. It is a golden opportunity for start-ups to raise funds within ten minutes.

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Another event that steals the limelight of the fest is the speaker sessions. This time, the prominent speakers are Vijay Shekhar Sharma, the founder and CEO of Paytm; Dr Apoorva Ranjan, the founder of Venture Catalyst; Byju Raveendran, the founder and CEO of Byju’s; Sam Pitroda, the father of the Indian telecom industry. These speaker sessions will give a deep insight into the entrepreneurial world and will be a great learning experience for all the spectators.

Nowadays, content creation is in great demand. To cater for the needs of all the content creators and consumers out there, E-Summit conducts the Content Creation Conclave, popularly known as CCC. It hosts famous media personalities, journalists, youtube creators from different fields who share their experiences and expertise by conducting various workshops and sessions.

The RnD Conclave, better known as Research and Development Conclave, is a great place for all research enthusiasts to convert their research projects into start-ups. It includes speaker sessions on the state of the art technology, workshops from experienced RnD entrepreneurs and an opportunity to pitch their ideas in front of investors.

Networking is considered a mighty pillar for a business and other relevant opportunities such as finding jobs and talents. With this, we introduce you to another significant E-summit event, Networking Arena. Networking Arena is where students, start-ups, mentors, investors, and entrepreneurs connect in different arenas. It is an excellent place for making worthy connections.

E-Summit 22 has SBI Mutual Funds as the Platinum Sponsor; Paytm, Wells Fargo, Mahindra and Mahindra, Tamasha Live, Home Capital, iauro and Unacademy as the Gold Sponsor; FYERS as VSM Sponsor; JP Morgan Chase & Co. and WinZo as Hackathon Sponsors; Sonae EV as E-Bike Design Challenge Sponsor.

The summit includes something or the other for different people, be it an investor, be it an entrepreneur, be it a researcher, be it a mentor, be it a start-up and last but not the least, be it a student. This makes E-Summit’22 a must-attend event for everyone. So, block your calendars on the 5th and 6th of February and be ready to become a part of this incredible journey at https://www.ecell.in/esummit22/

[earpanel]

Plutus Wealth & its associates acquires Nazara Technologies shares worth INR 500cr

Plutus Wealth & its associates acquires Nazara Technologies shares worth INR 500cr

Nazara Technologies Limited (Nazara), an India based gaming, sports media and gamified early learning company today announced that Plutus Wealth Management LLP & its associates have acquired shares worth over INR 500 Cr in Nazara from WestBridge Ventures II Investment Holdings, a fund managed by WestBridge Capital in a secondary transaction between the parties. This transaction marks the complete…

[secretstalks]

Rapido Secures Over Rs 1,000 Crore and Achieves Unicorn Status in India

Rapido has become the latest unicorn. The Hyderabad-based startup recently secured over Rs 1,000 crore ($120 million) from WestBridge Capital in a new funding round, reaching a valuation of $1 billion.

Aravind Sanka, Pavan Guntupalli, and Rishikesh SR created the auto and bike taxi aggregator in 2015. It has expanded its services and branched into taxis. Its success story illustrates the increasing number of domestic firms that achieve unicorn status.

The fresh funding round demonstrates Rapido’s remarkable development as well as its attraction to significant investors. Since 2015, it has drawn significant funding from a range of sources. TVS Motor Company, Nexus Ventures, and Shell Ventures are a few of the prominent investors. Acquiring Getbike and Vahananlytics at the same time allowed it to expand its technology capabilities and extend into new markets.

A few weeks ago, Perfios and Krutrim AI, among other startups, achieved unicorn status. Being the first unicorn in India to focus on AI, Krutrim stands out. The triumph of these startups highlights the variety of industries propelling the rise of startups in India.

It has been reported that investors worldwide are contributing an extra $20 million to Rapido. The fund will assist in further solidifying its position in the cutthroat ride-hailing industry. It currently faces competition in the Indian market from well-known companies like Ola and Uber. It is anticipated that the latest funding will support the company’s ongoing innovation and growth.

Rapido’s new unicorn status underscores the rapidly evolving nature of India’s startup ecosystem. It remains to be seen how this will influence the future of mobility in the country.

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[newsindia360]

Edtech startup LEAD School raises $28 million led by Westbridge capital

Edtech startup LEAD School raises $28 million led by Westbridge capital

A girl starts learning from online classes for students through a WhatsApp group, in Mumbai on Friday.

Bengaluru: Education technology startup LEAD School, which helps private schools digitize their curriculum, has raised $28 million in a Series C funding round led by Westbridge Capital along with existing investor Elevar Equity.

The latest round of funding will be used by the company to…

[awesometeennews]

Ola top executive Arun Srinivas quits

Ola top executive Arun Srinivas quits

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Arun Srinivas, who until recently was Ola’s chief operating officer and global chief marketing officer, has resigned and is serving notice, according to three highly placed sources. He leaves the company exactly a year after he joined. A former vice president at Unilever, Srinivas had joined Ola after a stint at private equity firm Westbridge Capital leading its investments in consumer…

[inventivaindia]

Ed-tech Startup Vedantu raises $24 million in Series C Extension Round

Ed-tech Startup Vedantu raises $24 million in Series C Extension Round

Edtech startup Vedantu has raised $24 million in Series C extension round. The funding was led by global venture capital firm GGV Capital. Existing investors participated in the funding round. This was in addition to the $42 Million raised in August 2019, making this a total of $66 Million round.

Vedantu’s Series C Funding was previously led by Tiger Global and WestBridge Capital in which Accel,…

[ashutentaran]

Credgenics, debt recovery and legal automation platform, is said to have raised $25 million as part of its Series A round of funding led by Westbridge Capital, Tanglin Venture Partners, and Accel Partners.