• Zomato offers to acquire logistics start-up Shiprocket for $2 billion.
• Coforge collaborates with Microsoft to use Gen AI to address complex challenges.
• UPI transactions soar by 118% at retail stores in 2023.
• IVCA-EY and Pratithi Investments launch Start-Up Governance Navigator report.
• UGRO Capital raises $30 million through NCDs from FMO.
• Kapture CX raises $4 million from India Alternatives to strengthen its global footprint.
• Generative AI can add cumulative $1.2-1.5 trillion to India’s GDP by FY30.
• LS clears Telecom Bill 2023 granting government control over communication networks in emergencies.
• 91Squarefeet plans to hire 500 PMs and 100 architects in 2024-25.
• Recruitment firm Redrob raises $4 million seed round.
In recent news, Zomato, a leading food delivery platform, has offered to acquire logistics start-up Shiprocket for $2 billion. This acquisition would allow Zomato to enhance its delivery services and expand its logistics capabilities. Meanwhile, global IT solutions provider Coforge has collaborated with Microsoft to use Generative AI in addressing complex challenges. This partnership will enable enterprises to harness the power of AI for growth and efficiency.
As digital payments continue to rise in India, UPI transactions at retail stores have soared by 118% in 2023. PayNearby, a digital payment solutions provider, released a detailed analysis on assisted digital transactions in its latest report titled “Retail-O-Nomics IVCA-EY and Pratithi Investments Launch Start-Up Governance Navigator Report.” This report also identifies specific fraud risks in industries integral to the start-up ecosystem.
In the finance sector, UGRO Capital, a DataTech Lending platform, has raised $30 million through Non-Convertible Debentures (NCDs) from FMO. This funding will allow UGRO Capital to further develop its lending platform and serve the needs of small and medium enterprises. Kapture CX, a customer experience management platform, has raised $4 million from India Alternatives to strengthen its global footprint and enhance its Gen AI capabilities.
The potential of AI in driving economic growth is highlighted in a report by EY, which suggests that Generative AI could add a cumulative $1.2-1.5 trillion to India’s GDP by FY30. This underscores the importance of investing in AI technologies and leveraging their potential across various industries. In other news, the Telecom Bill 2023 has been cleared by the LS (Lok Sabha), granting the government control over communication networks in emergencies.
91Squarefeet, a real estate and construction company, has announced plans to hire 500 project managers and 100 architects in the coming years to support its growth and expansion. Additionally, recruitment firm Redrob has raised $4 million in a seed round led by Murex Partners and DS & Partners to further develop its platform and enhance its services.
Overall, these developments highlight the ongoing growth and innovation in the Indian start-up ecosystem. From acquisitions and collaborations to funding and hiring plans, these companies are positioning themselves for success and striving to make a positive impact on India’s economy.