Go Digit General Insurance saw an 8% drop in net premium revenue to Rs 1,824 crore in Q1 FY25. Despite this, their gross premium was Rs 2,660 crore. Profits rose by 90.6% to Rs 101 crore, reflecting cost control efforts.
Leap Finance, a fintech platform aiding Indian students with overseas education, is in discussions to raise $70-100 million in a new funding round. This Series E round could make Leap a unicorn. The firm last raised $75 million in Jun-2022, led by Owl Ventures.
Agriculture supply chain firm Waycool has laid off over 200 employees across departments in its third round of layoffs. This move aims to simplify and automate roles as the company strives for profitability. Previous layoffs occurred in July 2023 and February, affecting more than 370 employees.
Bengaluru-based insurtech startup Covrzy has received a direct broking license from IRDAI, enabling it to offer comprehensive business insurance solutions in India. Founded by Ankit Kamra and Veera Thota, Covrzy raised $400K in pre-seed funding and serves over 500 clients, including Redcliffe Labs and Karboncard.
Thyrocare has acquired Polo Labs’ pathology diagnostic business to expand into Northern India. Thyrocare, acquired by API Holdings for $613M in 2021, aims to enhance diagnostic capabilities. Polo Labs operates 14 labs in Punjab, Haryana, Himachal Pradesh, and Jammu & Kashmir. Founded by Arokiaswamy Velumani, Thyrocare serves over 2,000 cities worldwide.
Digital-first luggage brand Nasher Miles has raised $4 million from investors, including Singularity Early Opportunities Fund and others, at a $30 million post-money valuation. The funds will support omnichannel expansion, aiming for 1,000 multi-brand outlets and 3-5 exclusive stores, and boost domestic manufacturing to 75% by December 2024.
Reward-based payments platform CRED has launched CRED Money, a financial management platform that consolidates balances and transactions from multiple bank accounts, wallets, and UPI IDs. Built on the account aggregator framework, it enables secure, encrypted sharing of financial information and helps users track investments, recurring payments, and spending patterns.
Fintech unicorn Yubi has added 22,00,000 employee stock options (ESOPs), increasing its total ESOP pool to 60,08,920 options. The additions include 11,00,000 options to the existing 2022 plan and a new 2024 ESOP plan with another 11,00,000 options, worth approximately $26 million.
Emami is set to acquire a 100% stake in men’s grooming brand The Man Company for around Rs 400 crore. This marks Emami’s first complete acquisition in the D2C space. Emami already held over 50% of The Man Company as of July 2022.
White Plains, NY-based medical robotics company Clarapath raised $36 million in Series B-1 funding led by Northwell Ventures, with participation from CU Healthcare Innovation Fund, Mayo Clinic, and Ochsner Ventures. The funds will accelerate the commercialization of SectionStar™, expand sales and service, enhance precision manufacturing, and continue R&D efforts.
