BharatPe Group FY24 numbers show consistent growth across various business lines. Consolidated EBITDA loss before share based payment expense reduced drastically by 75% on a YoY basis, from ₹826 crores to ₹209 crores. Its consolidated revenue from operations grew by 39% YoY, from ₹1,029 crores to ₹1,426 crores, and consolidated loss before tax reduced by 50% YoY, from ₹941 crores to ₹474 crores. BharatPe also shared that its consolidated cash burn reduced by 85% year-on-year basis.

BharatPe further strengthened its position as a credit enabler for millions and the average merchant lending portfolio from loans originated through its platform grew by 40% year-on-year (FY24 vs FY23). It enhanced its offerings in the payments space with the launch of the Android POS for merchants. BharatPe continued to witness great response for its soundbox devices in FY24.

India has 240 active Gen AI startups in H1 2024, grows over 260% YoY

With over 240 Gen AI (generative AI) startups in India as of the first half of calendar year 2024, the country now ranks 6th globally in its share of Gen AI startup ecosystems, said a report by tech industry body nasscom.

The number of Gen AI startups grew by over 260 percent or 3.6X as of H1CY24 as compared to H1CY23, when there were only 66 Gen AI startups. This was driven by several key Gen AI startups including Krutrim, Sarvam.ai, Nurix, ZekoAI, among others, spanning infrastructure, services, and applications getting launched in the second half of 2023.

Despite being at early-stages, these startups have gathered more than $750 million in cumulative funding since 2023. According to the report, almost 75 percent of these startups have already started generating revenue as well in H1CY24.

Suraasa Secures $6 M In Funding From Reach Capital, Ets, And Strategic Investors

Suraasa has announced the closure of a $6 million funding round led by Reach Capital, with participation from ETS Capital, NB Ventures, TSM ventures, TRTL Ventures and other prominent strategic investors. This investment will significantly accelerate Suraasa’s mission to enhance teacher quality, equip educators with global-standard skills, and facilitate their integration into diverse educational systems worldwide.

With a global shortage of teachers, particularly in developed countries, India stands as an important supplier of skilled educators to meet this growing demand. Suraasa is uniquely positioned to address this challenge by identifying, upskilling, and preparing teachers to meet international standards. The company works closely with schools across borders to understand their specific hiring requirements, then matches highly skilled Indian teachers with these schools, ensuring both parties’ needs are met.

Suraasa has been a pioneer in revolutionizing teacher education, offering competency-based skilling programs that ensure educators are not only classroom-ready but globally competitive. Its comprehensive programs equip teachers with the skills required to succeed in international classrooms, addressing the increasing demand for qualified educators worldwide. By combining upskilling with teacher recruitment solutions, Suraasa ensures teachers are prepared for global challenges and connected to opportunities in schools globally.

Primus Senior Living Raises $20 Mn In Seed Funding Led By General Catalyst

Elder care startup Primus Senior Living has raised $20 million in a seed funding round led by General Catalyst, with participation from Zerodha co-founder Nikhil Kamath and Gruhas, the investment firm co-founded by Kamath and Abhijeet Pai of the Puzzolana Group.

Primus Senior Living is developing a comprehensive eldercare platform that offers a range of services, including healthcare, wellness, lifestyle, and social engagement, all tailored for seniors in their homes.

Primus is also building intergenerational communities where people of all ages can live, connect, and thrive together, creating environments that foster meaningful relationships and cater to the evolving needs of seniors. Currently, it operates a community of 500 homes designed for seniors to purchase, allowing them to live in a supportive environment while accessing additional services.

With the recent funding, Primus aims to expand its services and deliver 3,500 homes across six cities, significantly increasing its impact in the eldercare sector.

Zoomcar Announces Debt Restructuring With Focus On Financial Stability

Zoomcar has made some strides in its debt restructuring efforts as the self-drive car-sharing marketplace aims to reduce the company’s debt obligations of approximately $31 million out of its total outstanding liabilities as of June 30, 2024.

Zoomcar has negotiated with lenders and vendors, managing to address roughly 75% of its immediate debt. This restructuring effort involves converting a substantial portion of these obligations into a deferred payment schedule spanning up to 24 months or negotiating reduced payouts of up to 50% for short-term settlements. The company aims to finalise this restructuring initiative by the end of November 2024, significantly lowering its immediate cash outflow and paving the way for future investments.

D2C Beauty Tool Brand Beauté Secrets Raises ₹1.6 Crore From Velocity

Beauté Secrets, a Gurgaon-based beauty tools brand, has raised ₹1.6 Cr from Velocity, a financing platform backed by Peter Thiel’s Valar Ventures. As Beauté Secrets gears up to meet the surge in demand for the festive season, this fund infusion will help Beauté Secrets to expand its operations on quick commerce platforms and add new products to its lineup.

Beauté Secrets was founded by Harnika Aneja in 2010 with a vision to provide high-quality, affordable beauty tools that enhance natural beauty without relying on chemicals or heavy makeup. The brand offers a range of products across three categories: basic, essential, and premium, catering to diverse customer needs and budgets. Beauté Secrets’ unique selling proposition lies in its combination of aesthetics, functionality, and value for money, particularly appealing to Gen Z consumers. The Gurgaon-based company has a vast product portfolio including Manicure/Pedicure kit, Tweezers, Cuticle Trimmer, Foot scrubber, Hair Brush, Scissors, and more. Filling the market gap for stylish and effective beauty tools, the company has experienced remarkable growth since its inception. Beauté Secrets has served over 4 million customers nationwide and achieved a 3x growth rate, standing out in a competitive market.

Beauté Secrets offers a wide range of beauty tools, from nail clippers to face and foot care products. They recently added bath and hair removal items to their lineup. The company works with experienced manufacturers to ensure high quality across all products.

No-Code App Builder Tablesprint Raises $1 Million In Angel Funding

No-code app builder Tablesprint has raised $1 million in a seed round co-led by angel investors and syndicates, including Ankit Bhati, Ajeet Khurana, Sunil Sharma, BlueLotus Ventures, TDV Partners, DGC Ventures, and Abhijeet Bhandari.

The proceeds will be used to enhance its offerings, strengthen its team, and drive product development, furthering its mission to empower enterprises with no-code solutions, Tablesprint said in a press release.

Co-founded in 2024 by Abhijeet Kumar and Chirag Jadhav, Tablesprint offers an AI-first SaaS platform that enables companies to build intuitive apps and playbooks across various business verticals. The no-code platform provides customizable building blocks like AI Write/Image, Forms, Workflows, Kanban, and Charts, which can be tailored to specific business processes such as Sales, Orders, Purchases, HR, and more.