Nected, a next-gen low-code platform, secured $1.5 million in seed funding led by Binny Bansal’s Three State Ventures. Other investors included Endurance Capital and Relentless VC. The funds will enhance product usability, simplify integration, and scale operations internationally. Founded by Prabhat Gupta and Mukul Bhati, Nected offers pre-built tech tools to streamline software development.
A Palo Alto-based global leader in AI governance software raise $21M in funding led by CrimsoNox Capital, Mozilla Ventures, and FPV Ventures. The company, which has now raised a total of $41.3M, plans to use the capital to expandd GTM efforts, innovate in governance intelligence, and enhance its AI governance capabilities.
Trade financing startup Vayana Network raised Rs 170.8 crore ($20.5 million) in its first 2024 investment round, led by SMBC Asia Rising Fund, Chiratae, and IFC. The Pune-based firm’s post-allotment valuation stands at $232 million. Funds will be used for expansion and corporate purposes.
Kids-focused omnichannel retailer FirstCry has received SEBI approval for its IPO. The Pune-based firm’s revenue grew 15.1% to Rs 6,481 crore in FY24, while losses shrank 34%. Overall revenue, including Rs 1,209 crore from subsidiary GlobalBees, totaled Rs 6,575 crore. Expenditure rose 9.2% to Rs 6,897 crore.
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.
