Vahan.ai Raises $10 Million in Series B Funding to Expand AI Recruitment Technology

Vahan.ai Raises $10 Million to Grow Its AI-Powered Recruitment

Vahan.ai, a company that helps people find blue-collar jobs, has just raised $10 million in its Series B funding. This round of funding was led by Khosla Ventures, with participation from Y Combinator, US-based venture capital firm Gaingels, and Vijay Shekhar Sharma, the founder of Paytm.

A Quick Look at Vahan.ai

Vahan.ai is a startup based in Bengaluru, India. It was started in 2016 by Madhav Krishna with the goal of making it easier for companies to find workers for blue-collar jobs, like delivery drivers, warehouse workers, and factory staff. The company uses artificial intelligence (AI) to help match job seekers with employers.

Past Funding and Support

This isn’t the first time Vahan has raised money. Back in September 2021, the company raised $8 million in a Series A round, also led by Khosla Ventures. In addition, Vahan is part of Airtel’s Startup Accelerator Program, which helps promising startups grow. Airtel, one of India’s biggest telecom companies, bought an 8.82% stake in Vahan back in October 2019.

What Will the New Funds Be Used For?

The $10 million raised in this new round will be used to make Vahan’s AI technology even better. Right now, Vahan’s AI recruitment tool can conduct interviews in both English and Hindi, but the company wants to expand its language capabilities. It plans to add support for eight major Indian languages. This will make the platform more accessible to a wider range of job seekers across the country.

Vahan also has plans to move into new industries. So far, the company has mainly focused on industries like food delivery and logistics, working with companies like Zomato, Swiggy, Flipkart, Blinkit, and Uber. Now, Vahan wants to expand into sectors like manufacturing and retail.

Vahan’s Success So Far

Since its launch, Vahan has helped recruit over 500,000 workers across more than 480 cities in India. With over 25,000 people recruited every month, the company has made it easier and faster for companies to find workers, cutting down on recruitment costs and the time it takes to fill positions.

Financial Performance

For the fiscal year ending in March 2023, Vahan reported operating revenue of Rs 29.7 crore (around $3.6 million). However, the company also reported a loss of Rs 17.71 crore (around $2.1 million). Despite these losses, Vahan is optimistic about the future. The company expects to double its revenue in the next fiscal year (FY24) and continue growing in the years to come.

Competition in the Blue-Collar Job Market

Vahan operates in a competitive market. Early on, it faced competition from companies like Baba Jobs and Aasaan Jobs, but both of these competitors struggled to grow and eventually merged with Quikr and OLX in 2017 and 2019, respectively. Today, Vahan’s biggest competitor is Apna, another job recruitment platform focused on blue-collar workers. Apna, which is backed by Tiger Global, became a unicorn (a startup valued at over $1 billion) in 2021 after the pandemic boosted demand for its services.

Looking Forward

With its latest round of funding, Vahan.ai is well-positioned to continue growing and improving its services. The company’s focus on AI-powered recruitment and its plans to expand into new industries and languages could help it maintain a competitive edge in the blue-collar job market.

As Vahan continues to grow, it hopes to make job recruitment easier, faster, and more efficient for both employers and job seekers.

Nazara Technologies Raises $108 Million in Funding, Expands Stake in Sportskeeda

Gaming firm Nazara Technologies is raising Rs 900 crore (approximately $108 million) in a new funding round led by SBI Mutual Fund. The round also saw participation from Juno Moneta Finsol, Think India Opportunities Fund, Discovery Global, and other prominent investors.

Funding Round Details

Nazara’s board has approved a resolution to issue 94,31,294 equity shares at an issue price of Rs 954.27 per share. This move will raise Rs 900 crore ($108 million) for the company. The information was disclosed in a filing with the National Stock Exchange (NSE).

The funding round was led by SBI Mutual Fund, which contributed Rs 220 crore to the total. Other major investors include Juno Moneta Finsol and Think India Opportunities Fund, both of which contributed Rs 150 crore each. Notably, Caratlane co-founders Siddharth and Mithun Sacheti also participated, investing Rs 155 crore. Additional funds came from Discovery Global, Cohesion MK, Chartered Finance, Ratnabali Investment, Meenakshi Mercantiles, and Aamara Capital.

The issuance of shares is pending shareholder approval, with a meeting scheduled for October 12 to finalize the preferential allotment.

Strategic Expansion: Nazara Increases Stake in Sportskeeda

In addition to the funding round, Nazara Technologies has made a significant strategic move by increasing its stake in Absolute Sports, the parent company of Sportskeeda. The company has acquired an additional 19.35% stake for Rs 145.47 crore. Out of this, Rs 72.73 crore will be paid in cash, and the remaining amount will be settled through a share swap of Nazara’s equity.

With this acquisition, Nazara now holds a 91.03% stake in Absolute Sports, further solidifying its control over Sportskeeda, a leading sports media platform. This acquisition is a part of Nazara’s broader strategy to strengthen its presence in the sports content and gaming sector.

Over the past few months, Absolute Sports has been expanding its portfolio by acquiring assets such as SoapCentral.com and DeltiasGaming, which enhances its position in the sports and gaming media industry.

Nazara’s Market Performance

The funding round and strategic acquisition have boosted investor confidence in Nazara. The company’s stock reached its 52-week high at Rs 1,098 today and ended the trading day at Rs 1,095. This surge in stock price highlights Nazara’s strong market position and growth prospects.

As of September 18, Nazara Technologies’ market capitalization stands at Rs 8,381 crore, according to estimates by Entrackr. The company’s continued growth in both gaming and sports media, along with the fresh influx of capital, positions Nazara as a leading player in India’s gaming ecosystem.

Conclusion

Nazara Technologies’ successful Rs 900 crore ($108 million) funding round, led by SBI Mutual Fund, underscores its strong standing in the gaming industry. Alongside this, its increased stake in Sportskeeda’s parent company, Absolute Sports, further strengthens its foothold in the sports content market. With a robust investor lineup and strategic acquisitions, Nazara is poised for continued growth and expansion in the competitive world of gaming and sports media.

Byju’s-Owned Aakash Educational Services Lays Off 80-100 Employees Amid Strategic Changes

Aakash Educational Services Limited (AESL), owned by Byju’s, has laid off 80 to 100 employees in the past couple of months. The layoffs included both senior and middle-level executives, some of whom had been with the company for over four years, according to sources familiar with the situation.

One anonymous source stated, “Aakash has fired anywhere between 80-100 employees, including senior and middle-level executives, who were impacted by the layoffs.” While the exact number of employees affected has not been officially confirmed, it marks a significant change for the company.

AESL’s Response and Strategy Shift

In response to the layoffs, an AESL spokesperson said, “As a high-performance organization, our performance reviews, talent development interventions, and consequence management follow a biannual cycle. We are introducing new business models as part of the Aakash 2.0 strategy, which includes creating new roles, consolidating existing ones, and aggressively hiring new talent. Unlike other players in the category, we expect to be net hirers by the end of this year.”

The spokesperson did not provide further details about the exact number of employees impacted. However, the statement suggests that the layoffs are part of a broader restructuring strategy under the Aakash 2.0 initiative, aimed at optimizing the company’s business model and improving performance. The company emphasized that while some roles are being consolidated, they plan to hire new talent aggressively, indicating future growth.

Layoffs Following Byju’s Acquisition

This marks the first instance of layoffs at Aakash since it was acquired by Byju’s in April 2021. The acquisition, valued at around $940 million, was a major move for the Bengaluru-based edtech giant. Despite the acquisition, the Chaudhry family, founders of Aakash Educational Services, declined to swap their remaining stake in the company, citing governance concerns. As a result, AESL and Byju’s continue to operate independently under Byju’s parent brand, Think and Learn.

Earlier this year, both companies also withdrew their merger petition, further solidifying their decision to function as separate entities.

Leadership Changes and Financial Outlook

In addition to the layoffs, Aakash has undergone leadership changes this year. In April 2023, Deepak Mehrotra was appointed as managing director and chief executive officer of AESL. Under his leadership, the company is expected to achieve significant financial growth. According to its valuation report, Aakash is projected to surpass Rs 2,300 crore in operating revenue for FY23. However, the company has yet to file its audited financial statements for FY23 and FY24, which will provide a clearer picture of its financial health.

Conclusion

The recent layoffs at Aakash Educational Services come as part of a larger strategic shift under the Aakash 2.0 plan. While the company is reducing its workforce in certain areas, it plans to be a net hirer by the end of the year. This move follows the company’s acquisition by Byju’s and its continued efforts to refine its business model and enhance its operational performance. With new leadership and anticipated growth in revenue, AESL is poised for transformation as it navigates the evolving landscape of the edtech industry.

Mayank Bidawatka to Launch New Startup, Billion Hearts Software Technologies

Mayank Bidawatka, co-founder of the vernacular microblogging platform Koo, is preparing to launch a new venture called Billion Hearts Software Technologies. The startup is expected to make its debut in the coming months, and it has already attracted the attention of several prominent investors.

Initial Funding and Future Plans

Billion Hearts recently closed a $250,000 angel funding round, with investments coming from the founders of well-known companies like redBus, Ola, InMobi, and Myntra. This initial capital will help kickstart the company’s operations.

Bidawatka is planning to raise an additional $500,000 in the near future to further support the startup’s growth. According to regulatory filings accessed from the Registrar of Companies (RoC), the board at Billion Hearts has approved a resolution to raise Rs 4.13 crore (approximately $500,000) for this purpose. So far, the company has issued 39 pre-seed compulsory convertible preference shares (CCPS), successfully raising Rs 1.94 crore (roughly $250,000).

Valuation and Employee Stock Options

According to estimates from TheKredible, once the funding round is complete, Billion Hearts Software Technologies is expected to have a valuation of Rs 70.5 crore, which is approximately $8.5 million.

In addition to raising funds, the company has also announced plans to establish an Employee Stock Option Plan (ESOP). This plan will involve 333 equity shares, valued at Rs 16.5 crore. This move shows the company’s commitment to attracting and retaining top talent as it builds its operations.

Focus on Global Digital Consumer Products

Billion Hearts is focused on developing digital consumer products for a global market. While specific details about its offerings are still under wraps, the company’s first product is expected to launch by the end of this year. It will initially be released as a beta version, and interested users can sign up on the company’s website to gain early access.

With Bidawatka at the helm, the company is positioning itself to enter the highly competitive global tech landscape. His previous experience with Koo, a platform that initially gained attention as a homegrown alternative to Twitter, could offer valuable insights into building a scalable tech platform.

The Closure of Koo

Despite his new venture, Bidawatka’s previous project, Koo, recently faced challenges. The vernacular microblogging platform, which aimed to provide an alternative to Twitter for regional language speakers, shut down its operations in July of this year due to lack of traction and funding. Koo was also exploring merger and acquisition opportunities but was unsuccessful in finding a buyer.

The closure of Koo, however, hasn’t deterred Bidawatka from pursuing new opportunities. With Billion Hearts, he is shifting his focus toward creating global consumer products, aiming to capture a broader market and meet the needs of an international audience.

Conclusion

With a solid team of investors and a promising vision for global digital consumer products, Billion Hearts Software Technologies is poised to make a strong entrance into the tech space. The startup’s first product is eagerly awaited, and its success could establish Bidawatka’s new venture as a key player in the global digital market.

Proxgy Raises $2.2 Million to Boost Growth and Innovation

Deeptech startup Proxgy has successfully raised $2.2 million in a funding round led by Manish Patel. Several notable investors, including Nikhil Kamath, actor Suniel Shetty, and Kuldeep Mathur, also participated in this round.

In this latest funding round, Proxgy issued 13,998 compulsory convertible preferred shares at Rs 13,230 each, raising a total of Rs 18.51 crore (approximately $2.2 million). According to the regulatory filing accessed by Entrackr from the Registrar of Companies (RoC), Manish Patel contributed Rs 13.23 crore, while the rest was provided by Kamath, Shetty, and other individual investors.

How Proxgy Plans to Use the Funds

Proxgy intends to use the raised capital for various purposes, including capital expenditures, day-to-day operations, working capital, and meeting growth objectives. This influx of funding is expected to support the company’s strategic goals and expansion plans.

Proxgy’s Market Valuation

According to startup intelligence platform TheKredible, Proxgy’s valuation has risen to Rs 140 crore (approximately $16.86 million) post-funding. This marks a significant increase for the Gurugram-based company, which has rapidly gained attention in the deeptech and IoT (Internet of Things) sector.

Proxgy had previously raised Rs 16 crore ($2 million) in a pre-Series A funding round led by LetsVenture, Planify Angel Fund, and Mach Tech Fund in October of last year. After the latest funding round, lead investor Manish Patel now holds a 3.12% stake in the company.

Proxgy’s Focus and Products

Founded in 2020 by Pulkit Ahuja, Proxgy is a deeptech startup focused on developing cutting-edge IoT solutions. The company is dedicated to creating innovative products that enhance workplace safety and efficiency, particularly for blue-collar workers.

Proxgy’s product lineup includes a range of smart wearables and safety devices, such as the SmartHat, Sleefe, Lockator, Audiopad, AirHat, and BirdBox. These products are designed to improve safety conditions and boost productivity in industries where physical labor is prominent.

Financial Performance and Future Outlook

In the fiscal year 2023 (FY23), Proxgy generated Rs 72 lakh in revenue, marking a shift from its pre-revenue stage. However, the company also posted a loss of Rs 3.2 crore during the same period. Proxgy is yet to release its financial results for FY24, which will provide further insight into its ongoing growth and performance.

The latest round of funding, coupled with its rising market valuation, places Proxgy in a strong position to expand its product offerings and scale its operations. With a focus on deeptech and IoT innovation, the company is poised to address key challenges in workplace safety and efficiency, positioning itself as a significant player in the industry.

The backing from high-profile investors and the continued interest in its cutting-edge technology underscore Proxgy’s potential for future growth.

Bluecopa Raises $1.8 Million in Pre-Series A Round to Boost FinOps Automation

Bluecopa, a finance operations (FinOps) automation platform, has secured $1.8 million in a pre-Series A funding round. This round was co-led by Blume Ventures, Dallas Venture Capital, and Venture Catalysts. The company plans to use the funds to expand its market reach, enhance its AI capabilities, and drive product development.

Founded in 2021 by Nilotpal Chanda, Raghavendra Reddy, and Satya Prakash Buddhavarapu, Bluecopa harnesses AI and data analytics to automate financial processes for the CFO’s office. Its cloud-native platform streamlines operations, enabling modern finance teams to work more efficiently by automating manual processes. The company’s solution caters to a wide range of industries, including eCommerce, financial services, travel, logistics, and gaming.

Bluecopa has gained traction in the market over the last year, adding numerous high-profile customers to its roster. With the global FinOps market valued at over $40 billion, Bluecopa is positioning itself as a key player in driving financial efficiency through technology.

By leveraging the new funding, Bluecopa aims to continue evolving its platform, offering more value to finance leaders across various sectors while solidifying its presence in the expanding FinOps space.

Kaleidofin Raises $13.8M to Expand Lending and Credit Services

Fintech startup Kaleidofin has secured $13.8 million in a funding round led by Rabo Partnerships B.V., with participation from existing investors, including the Michael & Susan Dell Foundation, Oikocredit, Omidyar Network India, and Flourish. This brings the total funds raised by Kaleidofin to $37 million since its inception.

Founded by Sucharita Mukherjee and Puneet Gupta, Kaleidofin offers a range of financial products aimed at the informal economy, including KaleidoGoals a goal-based savings solution; KiScore an automated credit health-checking platform using machine learning; KaleidoCredit a credit platform for lending and debt markets; and KaleidoPaya suite of payment solutions focused on financial inclusion.

The newly raised funds will be used to scale Kaleidofin’s lending portfolio and expand services in credit scoring, middleware, and risk management through strategic partnerships. These enhancements aim to improve credit access and financial services for underserved communities and small businesses in the informal sector.

Since 2020, Kaleidofin claims to have facilitated loan disbursals totaling over $2.7 billion, serving more than 4.7 million customers and small enterprises. The company’s focus on creating tailored financial solutions for the informal sector has positioned it as a significant player in the fintech ecosystem, addressing the financial needs of a largely underserved market.

With this latest funding round, Kaleidofin is set to deepen its impact by enhancing its technology and broadening its service offerings, furthering financial inclusion across India.

AltiusHub Secures $2.25M Seed Funding to Enhance Supply Chain Visibility

Manufacturing supply chain visibility software AltiusHub has raised $2.25 million in seed funding, led by Endiya Partners with participation from other investors. The funds will be used to strengthen its engineering team and hire industry-specific senior talent.

Founded in 2023 by Siddharth Reddy and Abiram Vijaykumar, AltiusHub aims to help manufacturing companies, particularly in the pharmaceutical sector, secure their supply chains. The company’s SaaS platform enables pharmaceutical firms to track and trace products throughout the production process, ensuring compliance with global regulatory standards such as US DSCSA, EU FMD, UAE Tatmeen, and India’s iVeda.

AltiusHub’s software focuses on preventing counterfeit medicines from entering the supply chain by providing real-time visibility into the movement of products. It detects patterns and anomalies that may indicate counterfeit activities, and alerts users immediately of any irregularities or deviations, allowing for quick intervention.

The startup’s focus on the pharmaceutical industry comes at a crucial time, as counterfeiting remains a significant issue worldwide. The platform’s advanced tracking and tracing capabilities are expected to enhance product integrity and safety across the supply chain.

With the global track and trace market projected to reach $7.3 billion by 2026, AltiusHub is well-positioned to capitalize on the growing demand for secure and transparent supply chains. The new funding will further support its mission to help manufacturers safeguard their supply chains and meet regulatory compliance.

Amazon Appoints Samir Kumar as India Country Head Amid Quick Commerce Expansion Plans

Amazon has named Samir Kumar as its new country head for India. Kumar, who also oversees Amazon’s consumer businesses in the Middle East, South Africa, and Turkey, will succeed Manish Tiwary, who left the company in August 2023.

Kumar’s appointment comes as Amazon gears up to enter the quick commerce market in India, currently led by players like BlinkIt, Zepto, and Instamart. Amazon plans to launch this new venture in early 2025, signaling a strategic shift to meet growing demand for fast deliveries.

Amit Agarwal, Amazon India’s vice president, will work alongside Kumar in managing the company’s India operations. Both have a history of collaboration within Amazon, adding a layer of familiarity to their partnership in leading the company forward in this critical market.

Amazon’s entry into the quick commerce space reflects the company’s ambition to diversify its services in India, which has become a key battleground for e-commerce giants. This move comes at a time when rapid deliveries of groceries and essentials have become increasingly popular, fueled by changing consumer preferences and growing competition.

With Samir Kumar at the helm, Amazon will likely look to leverage his experience in other regions to navigate the complexities of the Indian market and establish itself in the quick commerce sector. The company’s expansion plans could reshape the competitive landscape, offering Indian consumers more choices and further intensifying competition among established players.

Apply For Funding -Active Venture Capital Firms List

India has become one of the favorite destination for tech start-ups and new ventures are being started daily. One of the reasons for this growth is the access to venture capital (VC) funding. For the startups, venture capital firms are also important because these firms help them in terms of funding, guidance, and connections. To the entrepreneurs, the choice of a proper VC firm can be a real game changer that will determine whether they will grow their business or will barely make it. It is a list of the “Active Venture Capital Firms for Startups in India” that has been focusing on the promising sectors and providing support to the startups that have been innovative and disruptive in their approaches to the market.

Helion Venture Partners

Helion Venture Partners is one of the leading VC companies in India that has played a critical role in the development of startups. Established in 2006, Helion targets the technology-enabled companies across the fields of consumer services, education, finance, and healthcare. Its portfolio has some successful start-ups such as Make My Trip, Big Basket, Housing and so on. com. Helion not only invests in the startups but also offers mentorship and management support to the firms in order to achieve their growth objectives.

Accel Partners

Accel Partners is one of the leading venture capital firms in the world and its Indian counterpart has been no less. Accel was founded in 2000 and has been invested in India since 2008; it has backed some of the most famous Indian startups like Flipkart, Swiggy, and Freshworks. The firm’s approach is that it engages the entrepreneurs in a very close manner from the initial stages right to when they are growing. The large network of Accel across the globe is a valuable resource for Indian start-ups targeting to go global.

Blume Ventures

Blume Ventures is one of the pioneering early-stage venture capital firms in India that has been investing in technology firms and new economy business models exclusively. Blume was founded in 2010 and to date has invested in more than 150 startups including Unacademy, Dunzo, Locus, etc. Blume Ventures is known for a very active approach, providing not only funding but also guidance, logistics, and contacts to the portfolio companies.

Sequoia Capital India

Sequoia Capital India is perhaps one of the most prominent venture capital firms active in the Indian startup environment. It has backed some of the most successful ventures of the present times, such as Zomato, OYO Rooms, and BYJU’S. Sequoia follows the approach of investing at various stages of a firm’s development from the initial stage to the expansion stage. The firm possesses vast industry knowledge, a vast network of connections across the globe, and sound operational base, which makes the firm ideal to work with most of the Indian startups.

Nexus Venture Partners

Nexus Venture Partners is one of the most famous VC firms that work both in India and the United States, so it can be considered as a sort of mediator for Indian startups. The firm targets companies that are in the start-up and growth phases in fields including technology, consumer and healthcare. Major investments made by Nexus include Delhivery, Snapdeal, and Druva among others. The firm is particularly noted for its focus on innovation and the support of young companies in the context of various challenges.

Inventus India

Inventus India is a Venture Capital Firm that invests in early stage technology companies. Inventus was founded in 2008 and has been instrumental to the success of many Indian startups such as PolicyBazaar, Power2SME and Sokrati. The investment strategy of the firm is anchored on identifying and backing exceptional entrepreneurs with a view of creating value added and sustainable enterprises. Industry knowledge and the large network that Inventus India offers is a great advantage when it comes to supporting the startups.

IDG Ventures

Chiratae Ventures earlier known as IDG Ventures is one of the leading venture capital firms in India majorly focusing on early and growth stage start-ups. The firm has invested in more than 80 companies and few of them are Myntra, FirstCry and Manthan etc. IDG Ventures has a sector focus in sectors including consumer technology, health care and fintech. The firm offers capital investment support, as well as business planning, management, and internationalization.

Eight Roads Ventures India

Eight Roads is a world-class venture capital company that has a strong focus on India. Some of the areas of specialization are healthcare, technology and consumer services. Some of the Indian innovative startups that are funded by Eight Roads are Shadowfax, Pharmeasy and BankBazaar. The firm is well recognized for the long-term partnership model which not only offers capital but also business advice, implementation help and connections to a vast array of professionals worldwide.

Naspers

Naspers is a global consumer Internet company and one of the world’s leading technology investors. In India, Naspers has been very active investing in startups in different industries such as e-commerce, fintech, and food delivery space. Its major funded companies are Swiggy, PayU, and Byju’s. Naspers has been associated with value-added investments and the capacity to assist startups grow and expand by using Naspers’ worldwide assets and knowledge of the industry.

Steadview Capital

Steadview Capital is an experienced and innovative investment company that focuses on public and private equity markets and companies. In India, some of the successful investments that Steadview has made are Ola, Nykaa and Zomato among others. Investment approach of the firm is long term and is aimed at creating value for the firm. Steadview Capital has its roots in extensive research, which enables startups to gain a solid ground and grow big.