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.
CE Info Systems, parent company of MapMyIndia, issued a legal notice to Ola Electric for allegedly copying data to launch its own mapping service, breaching their license agreement. MapMyIndia claims Ola cached its data, violating terms. Legal actions, both civil and criminal, are being considered against Ola Electric.
Ola Electric gained SEBI approval for its IPO, aiming to raise Rs 6,146 crore ($740 million) Aprox, including a fresh issue of Rs 5,500 crore and an offer for sale of Rs 646 crore. The IPO, priced at Rs 72-76 per share, open for retail investors on August 2 and closes on August 6, 2024.
Apollo Tyres has closed its doorstep car service, Trumigo, just six months post-launch due to lack of market traction. Nearly 100 employees, including 75 ground staff, were laid off without full severance pay. Launched in Gurugram with expansion plans, Trumigo’s website has been non-functional for days amid ongoing financial audits.
