Crypto exchange CoinDCX has promoted Mridul Gupta to founding partner. Gupta will oversee the company’s growth goals, international expansion, and profitability. He will continue to manage the India market, enhancing product portfolios, marketing, partnerships, and operations. Gupta joined CoinDCX in 2021 as COO and has been pivotal in developing compliant crypto investment and trading products.
Voice-first generative AI firm Gnani.ai secured Rs 30 crore ($4 million) in its Series A round from Info Edge Ventures. The funds will drive sales growth and geographical expansion. Founded in 2016, Gnani.ai offers a no-code voice platform with capabilities in conversational automation, voice biometrics, and omnichannel analytics.
Wedding services startup Meragi secured $9.1 million in a funding round led by Accel, with Peak XV Partners and Venture Highway participating. Founded in 2021, Meragi offers modern wedding services and plans to expand into new cities, establish partner venues, and explore new categories like venues and catering.
Gemba Capital, a micro VC firm, has launched its second fund with a corpus of Rs 250 crore ($30 million). The fund will invest in 30 early-stage ‘Platform-first’ businesses across fintech, consumer tech, and B2B platforms, with initial investments of Rs 5 crore and a 30% reserve for follow-on investments.
Amazon is in advanced talks to acquire online lending platform Axio for $150-175 million. This marks Amazon’s second acquisition in India this year, following the purchase of MX Player’s assets. The deal aims to enhance Amazon Pay’s BNPL services, with Axio currently powering over 80% of Amazon’s BNPL volume.
Drone manufacturer Ideaforge’s revenue from operations fell by 15.7% to Rs 86 crore in Q1 FY25 from Rs 102 crore in Q4 FY24. Despite the decline, the company remained profitable. Lower drone sales impacted profits, though the cost of materials decreased by 2.4% to Rs 57.6 crore.
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Beverage startup Latambarcem Brewers (LB Brewers) raised $1.5 million in a pre-Series A round co-led by SPV, Dhruv Agarwala, and Sheba Venture Holdings. The funds will enhance its growth in the natural functional beverage market. LB Brewers, founded in 2017, offers craft beers and health-focused drinks like probiotic kombucha.
Generative AI solutions firm Rabbitt AI raised $2.1 million in a seed round led by TechCurators and angel investors. Rabbitt AI offers tools for businesses to build and deploy AI applications, including custom LLM development, RAG fine-tuning, and data-centric AI, enabling tailored AI solutions for various needs.
API infrastructure platform M2P Fintech is close to securing $80 million in new funding led by a new investor, with existing investors like Insight Partners joining. The funds will enhance tech infrastructure and growth in India and overseas. The new round values M2P at approximately $880-$900 million.
