Trending Startup’s News – 15 Aug 2023

CarTrade Tech Successfully Acquires OLX’s Classified and Auto Business in India

CarTrade Tech, a leading automotive marketplace in India, has successfully acquired OLX’s classified and auto business in India. The acquisition was completed for a total consideration of $1.1 billion.

The acquisition will give CarTrade Tech a significant boost in its market share. OLX’s classified and auto business is the second largest in India, with over 30 million monthly users. The acquisition will also give CarTrade Tech a strong presence in tier-2 and tier-3 cities, where OLX is the dominant player.

Read More..CarTrade Tech Successfully Acquires OLX’s Classified and Auto Business in India

XpressBees Ventures into SME Courier Arena with Trackon Acquisition

XpressBees, a leading express delivery company in India, has acquired Trackon, a SME courier company. The acquisition will help XpressBees to expand its reach into the SME market.

Trackon is a well-established SME courier company with a strong presence in the tier-2 and tier-3 cities of India. The company has a network of over 10,000 delivery partners and delivers over 1 million parcels every month.

Read More…XpressBees Ventures into SME Courier Arena with Trackon Acquisition

Bollywood actor Bhumi Pednekar invests in EcoSoul Home

Bollywood actor Bhumi Pednekar has invested an undisclosed amount in EcoSoul Home, a sustainable home solutions company. The investment is part of EcoSoul Home’s Series A funding round.

EcoSoul Home is a company that provides sustainable home solutions, such as solar panels, rainwater harvesting systems, and energy-efficient appliances. The company was founded in 2019 by Amanpreet Singh and Nikhil Rai.

Read More..Bollywood actor Bhumi Pednekar invests in EcoSoul Home

Krafton Teams Up with JioCinema for Live Streaming of Battleground India Series

Krafton, the South Korean video game developer, has partnered with JioCinema, an Indian over-the-top (OTT) platform, to live stream the Battleground India Series (BGIS) 2023. The tournament will be held from August 24 to September 10 and will feature a prize pool of Rs 2 crore.

Read More..Krafton Teams Up with JioCinema for Live Streaming of Battleground India Series

PwC Report Reveals Surge in AI Adoption Among Indian Enterprises

A new report by PwC India has revealed that the adoption of artificial intelligence (AI) is surging among Indian enterprises. The report, titled “The State of AI in India 2023,” found that 70% of Indian enterprises are now using AI, up from 50% in 2021.

The report also found that the most popular uses of AI among Indian enterprises are customer service, marketing, and fraud detection. Customer service is the most popular use of AI, with 60% of Indian enterprises using it to automate tasks such as chatbots and customer support tickets.

Read More..PwC Report Reveals Surge in AI Adoption Among Indian Enterprises

Q1FY24 Profits of Easy Trip Planners Dip 22% to Rs 26 Cr

Easy Trip Planners (ETP), a leading online travel agency in India, has reported a 22% decline in its profits for the quarter ended March 31, 2023 (Q1FY24). The company’s profits stood at Rs 26 crore in Q1FY24, down from Rs 33 crore in Q1FY23.

ETP’s revenue for Q1FY24 grew by 17% to Rs 124 crore, from Rs 107 crore in Q1FY23. The company’s growth was driven by a strong increase in bookings for domestic travel. ETP’s domestic bookings grew by 30% in Q1FY24, while its international bookings grew by 10%.

Read More…Q1FY24 Profits of Easy Trip Planners Dip 22% to Rs 26 Cr

UN Acknowledges Agri-Food Startup ‘Farmers Fresh Zone’ for Innovation

The United Nations (UN) has acknowledged agri-food startup “Farmers Fresh Zone” for its innovation in the field of sustainable agriculture. The startup was one of the 10 winners of the UN’s Food Systems Innovation Challenge, which recognizes and rewards innovative solutions that are helping to transform food systems around the world.

Read More..UN Acknowledges Agri-Food Startup ‘Farmers Fresh Zone’ for Innovation

Google-backed Anthropic raises $100 million from South Korea’s SK Telecom

Anthropic, a research company that is focused on developing safe artificial intelligence (AI), has raised $100 million from South Korea’s SK Telecom.

Anthropic was founded in 2016 by Max Tegmark, Nick Bostrom, and others. The company’s mission is to “prevent existential risks from artificial intelligence.” Anthropic’s research focuses on developing safe AI systems that are aligned with human values.

Read More…Google-backed Anthropic raises $100 million from South Korea’s SK Telecom

SEBI Empowers Enforcement and Cybersecurity with Cutting-Edge Technology

The Securities and Exchange Board of India (SEBI) has announced that it is empowering its enforcement and cybersecurity capabilities with cutting-edge technology. The move is aimed at improving the efficiency and effectiveness of SEBI’s enforcement and cybersecurity operations.

Read More..SEBI Empowers Enforcement and Cybersecurity with Cutting-Edge Technology

Manipal Group’s Ranjan Pai to Infuse INR 250 Crore into FirstCry Amid Thriving Secondary Share Sale

Managing Director of Manipal Group, Ranjan Pai, is set to infuse INR 250 crore into FirstCry, a leading online baby and kids products retailer in India. The investment will be made through Pai’s personal investment vehicle, Manipal Education and Medical Trust (MEMT).

The investment comes at a time when FirstCry is undergoing a thriving secondary share sale. The company has already raised INR 1,000 crore through the sale of shares to existing investors and new investors, including Temasek Holdings, L Catterton Asia, and Premji Invest.

Read More…Manipal Group’s Ranjan Pai to Infuse INR 250 Crore into FirstCry Amid Thriving Secondary Share Sale

Bharat Innovation Fund: Turbocharging Investment in DeepTech Startups for Doubled Impact

The Bharat Innovation Fund (BIF) is a $100 million fund that is focused on investing in deeptech startups in India. The fund is backed by the government of India, the Manipal Group, and the Indian Institute of Technology Bombay.

The BIF was launched in 2022 with the aim of supporting the development and growth of deeptech startups in India. The fund will invest in startups that are developing innovative technologies in areas such as artificial intelligence, machine learning, quantum computing, and robotics.

Read More..Bharat Innovation Fund: Turbocharging Investment in DeepTech Startups for Doubled Impact

Staggering Daily Cost of Rs 5.80 Crore for ChatGPT Sparks Bankruptcy Concerns by 2024: Report

The staggering daily cost of Rs 5.80 crore for ChatGPT, a large language model chatbot developed by OpenAI, has sparked bankruptcy concerns for the company. ChatGPT is a powerful tool that can generate text, translate languages, write different kinds of creative content, and answer your questions in an informative way. However, the high cost of running ChatGPT is a major concern for OpenAI.

Read More..Staggering Daily Cost of Rs 5.80 Crore for ChatGPT Sparks Bankruptcy Concerns by 2024: Report

Foxconn Supercharges Investment in Telangana, Surpassing $550 Million Mark

Foxconn, a Taiwanese multinational electronics contract manufacturer, has announced that it is supercharging its investment in Telangana, India. The company has committed to investing an additional $300 million in the state, bringing its total investment to over $550 million.

Read More..Foxconn Supercharges Investment in Telangana, Surpassing $550 Million Mark

T. Natarajan Joins Forces with Culinary Maestro Sharief Bhai as Brand Ambassador, Honoring Heritage Cuisine

T. Natarajan, the Indian cricketer who is known for his love of food, has joined forces with culinary maestro Sharief Bhai as the brand ambassador for Sharief Bhai’s Heritage Cuisine. The partnership aims to promote and celebrate heritage cuisine from across India.

Natarajan and Sharief Bhai share a common passion for food. Natarajan is known for his love of South Indian cuisine, while Sharief Bhai is a master of North Indian cuisine. The two men have teamed up to create a series of recipes that celebrate the best of both cuisines.

Read More..T. Natarajan Joins Forces with Culinary Maestro Sharief Bhai as Brand Ambassador, Honoring Heritage Cuisine

Empowering Motherhood: The Story Behind BabyOrgano’s Ayurvedic Baby Care Revolution

BabyOrgano is an Indian brand that offers a range of ayurvedic baby care products. The company was founded in 2017 by two mothers, Shweta and Rachna, who were looking for a natural and safe way to care for their babies.

Shweta and Rachna were frustrated with the lack of natural baby care products on the market. They felt that most baby care products were full of chemicals and artificial fragrances, which they didn’t want to put on their babies.

Read More...Empowering Motherhood: The Story Behind BabyOrgano’s Ayurvedic Baby Care Revolution

Article By CA Pankaj Dara