Agritech startup Gramophone has promoted Navneet Singh Batra to co-founder. With over a decade of experience in FMCG and agri industries, Batra will oversee strategic growth initiatives. Gramophone, serving 50,000 villages and over 2 million farmers, reported a 75.6% revenue increase to Rs 316 crore in FY23.
Burmese vegan restaurant chain Burma Burma has raised $2 million in equity investment from family offices, including Negen Capital. Founded by Ankit Gupta and Chirag Chhajer, the chain operates 13 locations across India and aims to expand further, having doubled its annual recurring revenue to over Rs 100 crore in FY24.
San Francisco-based staffing startup Instawork has acquired Able Jobs, backed by Y Combinator and Elevation Capital. This acquisition will help Instawork build a global product leveraging Able Jobs’ expertise. Able Jobs co-founder Ravish Agrawal will serve as an advisor, while co-founder Siddharth Srivastava joins Instawork as a product leader.
Hyperbots, an AI startup for finance and accounting, secured $2 million in seed funding led by Kalaari Capital, with participation from Sunicon Ventures and Athera Venture Partners. Founded in 2023, Hyperbots will use the funds to expand its go-to-market strategy and develop proprietary AI models for finance and accounting automation.
Fintech startup IppoPay raised an undisclosed amount from Mithun Sacheti, Founder of CaratLane, and Siddhartha Sacheti, CEO of Jaipur Gems. The Chennai-based firm plans to use the funds to build a sustainable fintech platform for MSMEs, focusing on payment aggregation, UPI payments, and expanding its presence in southern India.
BrainBees Solutions Limited, the parent company of FirstCry, allocated Rs 1,886 crore ($227 million) in shares to 71 anchor investors before its IPO. Key investors include SBI, Fidelity, and Goldman Sachs. The public offering runs from August 6-8 with a price band of Rs 440-465 per share.
Unicommerce, an e-commerce SaaS platform, has allocated Rs 124.4 crore ($15 million) in shares to anchor investors ahead of its IPO. Major investors include SBI, ICICI, and Morgan Stanley. The public offering, priced at Rs 102-108 per share, runs from August 6-8. Unicommerce reported Rs 103.5 crore revenue in FY24.
Chicago-based Intellias has acquired NorthLink Digital, a UK IT consultancy specializing in financial services and insurance. The acquisition aims to enhance Intellias’ offerings in EMEA. NorthLink, led by Graham Orrell, provides web and app development, digital design, and cybersecurity. This marks Intellias’ second acquisition in 2024.
Unacademy will not provide appraisals in 2024 due to unmet growth goals, CEO Gaurav Munjal announced at a virtual town hall. Despite a low burn rate and extended runway, the company faces challenges, including recent layoffs and restructuring efforts. Munjal emphasized the firm’s resilience amidst industry downturns.
Swiggy Instamart has named Sairam Krishnamurthy as senior vice president and chief operating officer. With over 18 years of experience, Krishnamurthy will oversee dark store operations, infrastructure, and city growth. Previously, he held leadership roles at More Retail, Ola Mobility, and Hindustan Unilever Limited.
