Momos Raises $10M to Expand AI-Powered Customer Platform

Momos, an AI-powered customer platform for multi-location brands, has raised $10 million in Series A funding. The company, based in San Diego, CA, and Singapore, provides businesses with advanced tools to improve customer service, experience, and marketing. This latest funding round will help Momos expand its global reach.

Key Investors in the Round

The $10 million investment was led by 645 Ventures, a venture capital firm that focuses on growing tech companies. Other participants include existing investors like Alpha Wave Global and Peak XV, as well as new investors such as Soma Capital, FJ Labs, Taurus Ventures, and Correlation Ventures. With this funding round, Momos has now raised a total of $17 million to date.

How Momos Helps Businesses

Momos, led by CEO Sai Alluri, offers AI-driven solutions to help brands improve customer interactions. The platform is especially useful for companies in industries like food and beverage, retail, and other businesses with multiple locations.

Momos provides a complete set of tools for managing customer service, customer experience, and marketing. With AI technology, the platform helps businesses gather insights and improve the customer journey, making it easier to understand customer behavior and preferences. As a result, companies can enhance customer satisfaction while also cutting costs.

Global Clients and Reach

Momos already works with well-known brands around the world. Some of its notable clients include Shake Shack, Baskin Robbins, and Guzman y Gomez. The platform is currently live in 10 countries, spanning North America, the Asia-Pacific (APAC) region, and the Middle East.

Future Plans

The new funding will be used to continue expanding the company’s reach and improve its platform’s capabilities. With the global shift toward digital solutions, businesses need efficient ways to manage customer interactions. Momos aims to become a key player in helping businesses provide better customer experiences across multiple locations.

By using AI to streamline operations, Momos is positioned to help companies reduce operational costs while delivering top-tier customer service. As the company continues to grow, more businesses will have access to this cutting-edge technology, allowing them to stay competitive in the global market.

For more information about Momos and its AI-powered solutions, visit the Momos website.

Epica International Secures $18M to Boost Medical Imaging and Robotics

Epica International, a Landrum, SC-based leader in advanced medical imaging and precision robotics, has successfully secured an $18 million growth capital loan. This new funding will help the company expand its business and develop new technologies for healthcare and manufacturing.

Key Details of the Funding

The loan was provided by Avenue Venture Opportunities Fund, L.P. and Avenue Venture Opportunities Fund II, L.P., both of which are part of the Avenue Capital Group. The initial $13.5 million of the loan will be used to refinance Epica’s existing debt and support the company’s growth. This includes expanding its operations and accelerating research and development. An additional $4.5 million is available, depending on the achievement of specific performance milestones.

The loan agreement spans four years and also includes a provision for Avenue Capital to receive a 0.5% equity stake in Epica International. Avenue Capital also has the option to invest an additional $2 million in equity over the next two years. Additionally, Avenue can convert up to $3.5 million of their loan into common stock at a price of $8.50 per share.

Epica’s Role in Healthcare and Robotics

Epica International, led by CEO Joe Soto, is known for its advanced medical imaging and precision robotics technologies. These technologies are widely used in both human and animal healthcare, as well as in scientific research. Epica’s patented medical imaging tools enable clinicians to achieve higher accuracy, leading to better outcomes for patients. These tools are also helpful in research, allowing scientists to work with more precise data.

Epica’s robotics division focuses on creating robotic solutions that help streamline manufacturing processes. These robots enhance production quality by combining precision engineering with advanced automation, which leads to higher efficiency and accuracy in manufacturing. This technology is used across a range of industries, helping businesses improve their production lines.

Patents and Innovations

Epica International currently holds 75 patents, with more pending, for its innovative medical imaging and robotics platforms. These patents are recognized not only in the U.S. but also in the European Union and other countries. This intellectual property highlights the company’s commitment to leading in both the healthcare and robotics fields.

Future Plans

With this new funding, Epica is set to grow its impact in the medical imaging and robotics industries. The growth capital will enable the company to continue developing its cutting-edge technology and expand into new markets. The additional capital available through the loan will be used for further advancements as the company hits key milestones.

Epica’s innovations in both healthcare and industrial robotics are expected to revolutionize these sectors. By continuing to develop technologies that enhance accuracy and efficiency, the company is well-positioned to drive positive change in both human and animal healthcare, as well as in manufacturing processes.

For more information about Epica International’s groundbreaking technologies and future developments, visit their website.

Battolyser Systems Secures €30M in Series A Funding to Advance Green Hydrogen Technology

Rotterdam-based Battolyser Systems has raised €30 million in Series A funding to scale its operations and bring its next-generation electrolyser to market by 2025. The funding round was backed by Global Cleantech Capital, Innovation Industries, and Invest-NL. This investment will help the company expand and further develop its innovative technology, which aims to revolutionize the production of green hydrogen.

A New Solution for Green Hydrogen Production

Battolyser Systems, led by CEO Mattijs Slee, has developed a groundbreaking device known as the “Battolyser.” This integrated battery and electrolyser can store electricity and produce hydrogen from renewable power sources. The ability to switch on and off quickly allows the Battolyser to balance energy supply and demand, making it highly efficient in supporting renewable energy grids. This flexibility helps reduce the cost of green hydrogen and eases grid congestion.

The Battolyser is available in a 2.5 MW plug-and-play format, as well as 5 MW modules, which can be installed with additional components on-site. This versatility makes it suitable for a wide range of applications, helping industries and communities transition to cleaner energy.

Scaling Up for 2025 Launch

The new funding will enable Battolyser Systems to scale up its production and prepare for the launch of its next-generation electrolyser in 2025. This will play a crucial role in making green hydrogen more accessible and affordable. The company is focused on leveraging renewable energy to produce hydrogen, which is expected to be a key component in reducing carbon emissions and meeting global climate goals.

Additional Support from the European Investment Bank

In addition to the €30 million raised in Series A funding, Battolyser Systems previously secured €40 million in financing from the European Investment Bank (EIB) in October 2023. This combined support will allow the company to accelerate its growth and bring its innovative technology to the market more quickly.

The EIB’s involvement underscores the importance of green hydrogen in Europe’s transition to a low-carbon future. With this significant financial backing, Battolyser Systems is well-positioned to lead the way in hydrogen production and renewable energy storage .

The Importance of Green Hydrogen

Green hydrogen, produced from renewable energy sources like wind and solar, is a critical solution for reducing carbon emissions in sectors that are difficult to decarbonize, such as heavy industry and transportation. By producing hydrogen using renewable energy, Battolyser Systems is helping to create a more sustainable energy future.

With the flexibility and efficiency of its Battolyser technology, the company is poised to make a significant impact on the green hydrogen market. The ability to store and produce hydrogen on demand makes it an ideal solution for addressing the challenges of intermittent renewable energy sources.

Looking Ahead

Battolyser Systems’ next-generation electrolyser is set to hit the market in 2025, and the company is already making strides toward scaling up its operations. With the support of its investors and the European Investment Bank, the company is on track to make green hydrogen a more viable and cost-effective energy solution for industries worldwide .

Physics Wallah Raises $210 Million in Series B Funding, Valuation Soars to $2.8 Billion

Edtech company Physics Wallah (PW) has raised a whopping $210 million in its latest Series B funding round. This investment was led by Hornbill Capital, with participation from well-known investors like Lightspeed Venture Partners, GSV, and WestBridge.

With this fresh round of funding, Physics Wallah’s post-money valuation has skyrocketed to $2.8 billion, more than double its previous valuation of $1.1 billion from its Series A round. During that earlier round, the company had raised $100 million.

The company has big plans for this new funding. According to a press release, Physics Wallah will use the money to scale operations and strengthen its presence in the education market. This includes expanding into the K-12 segment, improving their content offerings, and exploring mergers with other education platforms that focus on building communities. They also plan to expand inorganically through possible acquisitions.

Physics Wallah’s founder and CEO, Alakh Pandey, expressed excitement about the funding, saying, “This investment validates our efforts to democratize education and make quality learning accessible to every student in India. It’s a testament to the impact we’ve made over the years.”

Growth and Offerings

Physics Wallah, founded in 2020 by Alakh Pandey and Prateek Maheshwari, has grown rapidly in the edtech space. The company offers online and offline courses as well as study materials for competitive exams like JEE, NEET, and various state board exams. It has also ventured into areas like skilling, higher education, and study abroad programs.

One of its key offerings is the Institute of Innovation (IOI), which provides 4-year residential programs designed to make students job-ready.

Origins as a YouTube Channel

Physics Wallah started in 2014 as a simple YouTube channel offering free educational content. Since then, it has grown into a massive platform, with over 46 million students across 112 YouTube channels. These channels are available in five regional languages, making education more accessible to students in various parts of India.

The company’s app has been downloaded more than 30 million times, and it boasts 5.5 million paid students.

Financial Performance

In terms of revenue, Physics Wallah has seen impressive growth. In FY23, its revenue jumped 3.3 times to ₹779 crore. However, despite the revenue growth, the company’s profit took a hit, dropping by more than 90% to ₹8.87 crore.

While Physics Wallah hasn’t released its financial results for FY24 yet, the company is confident that it will reach ₹2,000 crore in revenue for the fiscal year.

Edtech Funding Trends

Physics Wallah’s funding round comes at a time when investment in the edtech sector has slowed down. According to data from TheKredible, edtech startups in India raised only $160 million across 27 deals in 2024 so far. This is a significant drop compared to previous years: in 2023, the sector raised $456 million, while in 2022 it secured $2.3 billion, and in 2021, a massive $5.8 billion was invested in edtech companies.

In the midst of this slowdown, Physics Wallah’s ability to raise $210 million shows that it continues to be a strong player in the Indian edtech market.

Aye Finance Raises ₹250 Crore in Series G Funding to Boost Microloan Services

*Aye Finance, a platform that provides loans to small businesses, has raised *₹250 crore ($30 million)* in a *Series G funding round. This round was led by *ABC Impact, a Singapore-based investment firm. *British International Investment (BII), the UK’s development finance institution, also participated in this round. BII had previously led Aye’s Series F round in *December 2023, raising *₹310 crore ($37 million)*. Earlier, in June 2024, Aye Finance also raised *$30 million through debt.

This new investment comes from *ABC Impact’s Fund II, which now manages over *$850 million** in assets. However, the deal will be completed once certain conditions are met. With this latest round of funding, Aye Finance’s total equity raised so far is ₹1,250 crore ($150 million).

Helping Small Businesses Across India

Aye Finance has a broad reach across India, with more than 398 branches in *22 states. The company primarily offers financial services to *micro and *small businesses, including those in **manufacturing, **trading, and *service industries. These businesses often face challenges in getting loans from traditional banks.

Aye Finance provides three main loan products:

  1. Quasi-mortgage loans
  2. Hypothetical loans
  3. Add-on loans

These loans range in value from *₹50,000 to ₹10,00,000, offering small businesses the financial support they need to grow. To date, Aye Finance has disbursed loans worth over *₹7,600 crore ($915 million)* to more than **5,76,000 businesses. Impressively, around *60% of these businesses return for more loans, showing the trust and satisfaction among its customers.

Strong Financial Growth

Aye Finance has experienced significant financial growth over the past year. For the fiscal year 2023 (*FY23), the company’s revenue from operations grew by **44.5%, reaching *₹623 crore*, with a profit of *₹54 crore*. In the following year (FY24), the company reported a profit of *₹161 crore*, which is *three times more than the previous year. Its revenue also increased by *67%, reaching *₹1,072 crore**.

At the end of *FY24, Aye Finance had *₹4,500 crore** in *assets under management (AUM), and its *gross non-performing assets (NPA) stood at 1.21%. This low NPA rate indicates that the company’s loan recovery process is strong, and only a small percentage of loans are at risk of default.

Competing in the NBFC Space

Aye Finance operates in a competitive market. It faces competition from other non-banking financial companies (NBFCs) such as:

  • Indifi
  • Axio (formerly Capital Float)
  • Lendingkart
  • Flexiloans

Despite the competition, Aye Finance’s steady growth and strong financial performance position it well in the market. With the new funding, Aye plans to continue expanding its reach and offering more loans to small businesses across India. The support from investors like ABC Impact and British International Investment shows confidence in Aye Finance’s ability to deliver impactful financial solutions.

GrayQuest Raises ₹53 Crore in Series B Funding for Expansion

GrayQuest, a Mumbai-based fintech startup focused on education loans, is raising ₹53 crore ($6 million) in a Series B funding round. The round is co-led by Pravega Fund and IIFL Fintech Fund, both investing ₹21.5 crore each. Additionally, GrayQuest’s founder, Rishab Sumer Mehta, is contributing ₹10.56 crore worth of shares. Some of the shares allotted to Mehta are partly paid, meaning the remaining payment will be made when the board decides.

Where Will the Money Go?

GrayQuest plans to use the new funds to meet its financial needs and expand its operations. The company’s filings show that they are focusing on growing their business and improving their services.

GrayQuest has also increased its employee stock option pool (ESOP) by adding 1,204 new options, bringing the total to 5,718 options. The ESOP pool is currently valued at $4.5 million. This helps the company reward and retain employees by offering them stock options.

GrayQuest’s Growth and Value

The startup has grown steadily since it was founded seven years ago. GrayQuest is an integrated fee collection platform for schools and other educational institutions. It allows parents to pay school fees in flexible monthly installments with no interest, making it easier for families to manage their education expenses.

GrayQuest had previously raised $7 million in a Series A round in March last year and $1.2 million in a pre-Series A round in August 2020. After this latest round, the company is valued at around ₹530 crore ($64 million), according to TheKredible, a startup data platform.

The Series B round is still ongoing, meaning GrayQuest could raise more money, which might lead to changes in its valuation. Once the funding is complete, Pravega Ventures will own 10.94% of the company, and IIFL Fintech Fund will hold 4.07%. Founder Rishab Sumer Mehta will retain a 38.59% stake.

GrayQuest’s Recent Achievements

GrayQuest was recently selected for the Co-Lab initiative, which was launched by HDFC Bank in partnership with Pravega Ventures. This initiative aims to support startups like GrayQuest by giving them the tools and resources they need to grow.

For the fiscal year ending March 2023, GrayQuest reported ₹8.76 crore in operating revenue but also experienced a ₹26.3 crore loss. The company has yet to release its results for the current fiscal year (FY24).

Competition in the Education Loan Space

GrayQuest operates in a competitive market. According to TheKredible, GrayQuest and its competitors, such as Leap, Auxilo, Avanse Financial, Financepeer, Propelld, Mpower Financing, and Eduvanz, have collectively raised around $500 million in funding over the past two years.

In July, Leap was reported to be in talks to raise new funds at a unicorn valuation, showing the growth potential in the education loan market.

GrayQuest’s recent funding will help it continue expanding and competing in this growing space.

Rebelstork Raises $18M to Expand Sustainable Baby Gear Marketplace

Rebelstork, a company based in New York City that focuses on reselling baby gear, has raised $18 million in Series A funding. The round was led by Maveron Ventures, with additional support from Serena Ventures, Marcy Venture Partners, and existing investor Golden Ventures. This new funding will help Rebelstork grow its business and improve its technology.

What Does Rebelstork Do?

Rebelstork is a marketplace for reselling baby gear that has been returned to stores or is overstocked. The company gives new life to baby products by reselling them at lower prices, making it a great choice for families who want to save money and reduce waste. By keeping these items out of landfills, Rebelstork also offers an environmentally friendly way to shop for baby gear.

The company works with more than 2,500 brands across 45 categories, including popular baby brands like Million Dollar Baby, BabyBjörn, 4moms, and Ergobaby. Rebelstork is also partnered with large retailers like Target.

How Does It Work?

Rebelstork has created its own special technology to manage the resale of baby products. Every item they sell gets a unique identifier, so it’s easy to track. Before anything is sold, it goes through a strict quality check process called the “Rebby Pinky Promise”. This ensures that all items are safe and in good condition before they are resold. This system helps Rebelstork build trust with their customers and supply partners.

By offering this service, Rebelstork provides brands and retailers with a way to make money from returned or extra products that would otherwise be wasted. This solution also helps companies deal with their excess inventory while promoting sustainability.

Why Did Rebelstork Raise $18 Million?

Rebelstork plans to use the $18 million to continue developing its technology platform. This platform helps the company manage returned and overstocked baby products, making it easier to resell them to customers. The new funding will also help Rebelstork expand its services and reach more customers.

The company wants to grow its impact by offering more baby gear at affordable prices, while also helping reduce waste. With the new funding, Rebelstork can improve its processes and work with more brands and retailers.

A Growing Business

Since its launch in 2020, Emily Hosie, the Founder and CEO of Rebelstork, has focused on building a marketplace that combines technology with sustainability. Rebelstork has quickly grown into a popular platform for families looking to buy baby gear at lower prices. By reselling items that would otherwise be thrown away, Rebelstork provides a great option for eco-conscious shoppers.

Looking Forward

With new funding and a strong focus on sustainability, Rebelstork is set to continue growing. The company’s goal is to help families save money on baby gear while also reducing the amount of waste going to landfills. By working with top brands and retailers, Rebelstork is becoming a key player in the baby gear market.

As Rebelstork expands, more families will have access to affordable, high-quality baby products that are both budget-friendly and good for the planet.

Bookmybai Raises Rs 2 Crore to Expand Domestic Help Services

Bookmybai, a platform that connects families with domestic help, has raised Rs 2 crore in a pre-Series A funding round. The round was led by Inflection Point Ventures, a well-known investment group. This new funding will help Bookmybai grow its services and reach more locations, making it easier for families to find reliable help.

Expanding Services

The money raised will be used to expand the company’s services to new cities and areas. Bookmybai aims to add 50,000 new housemaids to its already large network. This will make the process faster and more efficient for families looking for long-term, trustworthy help. With a bigger network, Bookmybai hopes to serve even more homes across India and other countries.

About Bookmybai

Founded in 2016 by Anupam Singhal, Bookmybai is based in Mumbai. It helps families in cities like Mumbai, Pune, Bangalore, Hyderabad, and even countries like the UK, USA, Singapore, China, and Australia. Families can use the platform to find dependable, permanent household staff for their homes. This includes housemaids and other domestic helpers.

Bookmybai works like a bridge between families and housemaids. It makes finding help easier by using technology to connect families with pre-screened and trustworthy candidates. By providing this service, Bookmybai simplifies the whole process for people who need help managing their homes.

A Growing Network

One of the key strengths of Bookmybai is its large network of registered housemaids. The company claims to have over 200,000 housemaids already signed up on its platform. This gives families a wide range of options when choosing someone to help with their household needs.

By growing this network even more, Bookmybai can offer better and faster services. The company’s goal is to make sure that families have access to reliable and skilled domestic helpers, whether they live in India or abroad.

Future Plans

With the new funding, Bookmybai is focused on increasing its reach and improving the quality of its services. The company plans to expand into new locations and strengthen its current operations. By doing so, it hopes to become the go-to platform for families looking to hire domestic help.

In addition to expanding its network of housemaids, Bookmybai aims to improve its technology and make the process of hiring even smoother for families. This includes better ways to match families with the right housemaids, ensuring a good fit for both parties.

Conclusion

Bookmybai’s recent funding is a big step toward becoming a leading platform for domestic help services. By expanding its network and reaching more locations, the company hopes to provide even better service to families in India and around the world. With Rs 2 crore in new funding, Bookmybai is well-positioned to continue growing and helping more families find reliable and trustworthy household staff.

Everest Fleet Raises $30 Million in Series C Funding from Uber

Everest Fleet, a mobility startup based in Mumbai, has raised Rs 251.7 crore (approximately $30 million) in its Series C funding round. This investment was led by global ride-hailing giant Uber, marking Uber’s second investment in the company. Everest Fleet operates a fleet of cabs, primarily for Uber in India.

Details of the Funding Round

According to a regulatory filing accessed from the Registrar of Companies (RoC), Everest Fleet raised the funds by issuing 13,726 Series C preference shares. After this round of funding, the company has been valued at around $425 million, according to TheKredible, a startup data intelligence platform.

The fresh capital will be used for general operations, working capital requirements, capital expenditure, and to expand business operations, according to the company.

Uber’s Growing Stake

With this investment, Uber has become the largest external shareholder in Everest Fleet, now holding an 11.37% stake in the company. The company’s founder, Siddharth Anand Ladsariya, remains the majority stakeholder, owning 52% of the company. Additionally, Everest Fleet has an Employee Stock Option Pool (ESOP) that accounts for 4.76% of the company.

Future Investments and Growth Plans

In August, the International Finance Corporation (IFC) announced a plan to invest $20 million in Everest Fleet. If this deal goes through, the total amount raised in the Series C round would reach $50 million. This additional funding would further boost the company’s growth and allow it to expand its fleet and operations.

Founded in 2016, Everest Fleet operates in the shared mobility space in India and is a key partner for both Uber and Ola. The company claims to be Uber’s largest professionally managed fleet supplier in India. Everest Fleet has been growing rapidly and aims to continue its strong partnership with ride-hailing platforms.

Previous Funding and Expansion

This isn’t the first time Uber has invested in Everest Fleet. In June 2022, Uber led a $20 million funding round for the company, which provided a partial exit to its early backer, Artha Venture. Earlier in 2024, Everest Fleet secured Rs 100 crore ($12 million) in debt from Axis Bank to help it purchase electric vehicles (EVs). The company is focusing on expanding its EV fleet to reduce costs and meet growing demand for sustainable transportation options.

Financial Performance

Everest Fleet has seen strong growth in recent years. For the fiscal year ending in March 2024 (FY24), the company’s revenue surged 2.2 times to reach Rs 1,015-1,020 crore, up from Rs 466 crore in FY23. In FY23, Everest Fleet reported a profit of Rs 41 crore, demonstrating its ability to grow while maintaining profitability. The company has not yet reported its profits for FY24, but the substantial increase in revenue suggests continued growth.

Conclusion

With Uber’s backing and additional potential funding from IFC, Everest Fleet is well-positioned to continue its rapid expansion in the shared mobility space. The company’s focus on electric vehicles and its strong partnership with Uber make it a significant player in India’s growing ride-hailing market.

M2P Fintech Raises $50 Million from Taj Investment Holdings

M2P Fintech, a company that provides API infrastructure for businesses to offer their own branded financial services, has raised Rs 417.5 crore ($50 million). This funding comes from a new investor, Taj Investment Holdings. M2P Fintech, formerly known as Yap, helps companies create financial services while making sure they follow regulatory rules. The company operates in countries like Nepal, the UAE, Australia, New Zealand, the Philippines, Bahrain, and Egypt.

Recent Growth and Acquisitions

M2P is backed by Tiger Global and has made six acquisitions so far, including companies like Goals101, Syntizen, and BSG ITSOFT. These acquisitions have helped M2P grow its presence in the fintech industry.

In the financial year FY23, M2P’s operating revenue more than doubled, growing 2.26 times to reach Rs 440.7 crore, up from Rs 194.74 crore in the previous year, FY22. However, the company’s losses also grew by 3.35 times, amounting to Rs 134.26 crore in FY23. M2P has not yet released its financial results for FY24.

New Funding and Future Plans

To raise the Rs 417.5 crore, M2P’s board passed a resolution to offer Series D preference shares, as noted in regulatory filings. The company plans to use the funds for expansion and to support its working capital needs. M2P Fintech’s valuation has now reached about $800 million after this funding round.

Interestingly, Taj Investment Holdings has not previously invested in any Indian startup before this. There is limited information available about this fund, and M2P Fintech has been contacted for further comments.

Employee Stock Options (ESOP) Increase

Along with the new funding, M2P has also expanded its Employee Stock Option Pool (ESOP). The company added 38,700 new stock options, bringing the total number of stock options to 1,29,140. This gives employees more opportunities to own a share of the company.

Previous Investors and Ownership

Before this funding round, Beenext was the largest external investor in M2P, holding 10.23% of the company. Tiger Global owned 9.22%, and Insight Partners had 6.44%. The company’s three co-founders—Muthukumar Ayyakannu, Prabhu Rangarajan, and Madhusudanan R—collectively own 34.03% of the company.

Future Funding Plans

M2P Fintech was also reportedly in talks for a larger funding round, aiming to raise $80 million. Out of this, $30 million was expected to come from secondary sales. This means that some existing shareholders might sell their shares as part of the funding deal.

In conclusion, M2P Fintech is rapidly growing, with increased revenue and several successful acquisitions. The new funds will help the company expand further, although it still faces challenges with rising losses. With a strong lineup of investors and big plans for the future, M2P is set to become a significant player in the fintech industry.